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The South Korean government will establish a base for local biotech companies to make a foray into the biotech cluster in Boston, the U.S., a pivotal hub of the global advanced bio industry.
The Ministry of Science and ICT said on Friday that its Minister Lee Jong-ho met with officials from the Korea University, Korea Institute of Science and Technology (KIST) and other institutions at a biomedical industrial complex in Hongneung, northern Seoul. There, he discussed measures for local players to secure competitiveness in the advanced bio sector and cluster.
KIST unveiled plans to establish a local base at the bio cluster in Boston with the Science Ministry. It also said that it will use the progress made in the Hongneung cluster to develop a business model for government-funded research institutions to become competitive globally.
KIST also said that it will use its resources such as research capabilities and infrastructures to turn Hongneung into the world’s leading biotech regional hub.
The participants discussed a range of topics from measures to foster national strategic technologies in the biotech sector to analyzing factors that contribute to the successful model of the cluster in Boston.
“The rapid advances in the biotech sector led by artificial intelligence and digital transition suggest that the industry needs not only an input of resources in research and development but also an environment that promotes multilateral cooperation from other industry sectors, such as information technology, as well as bio-industry and academia,” Lee said.
“The Ministry will spare no effort to provide the necessary support,” he added.
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