Green Ribbon Co., Ltd. (CEO: Gyu-ri Kim) announced that it was selected as the final winner of the open innovation program hosted by global pharmaceutical company Novartis.
This selection was made as part of the Health X-Challenge, a healthcare innovation program hosted by Novartis. Green Ribbon will use this win as momentum to sign a two-year memorandum of understanding (MOU) with Novartis Korea and pursue joint projects.
Green Ribbon received high praise for its business model, which aims to create a patient-centered healthcare ecosystem. During the evaluation process, its key competitive advantage was reportedly its insurance model, which combines patient-centric data utilization solutions with patient-focused microfinancing.
Industry insiders are evaluating this as a result of Novartis' innovation-driven open innovation strategy and Green Ribbon's approach to the healthcare market. Analysts say it's significant that a global pharmaceutical company has officially validated a domestic startup's business model.
Green Ribbon stated that through this collaboration, it plans to concretize its direction of combining data and finance for patients and focus on improving practical medical services.
Green Ribbon plans to maintain its partnership with Novartis for the next two years and explore new value creation in the healthcare sector.
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