Seoul Bio Hub, a bio and medical startup support platform established by the Seoul Metropolitan Government and jointly operated by the Korea Institute of Science and Technology (KIST) and Korea University, announced on the 21st that it will be promoting an open innovation program in collaboration with Japanese pharmaceutical company Rohto Pharmaceutical. Recruitment of participating companies will be conducted from July 21 to August 11 through the Seoul Bio Hub website.
Rohto Pharmaceutical is a representative Japanese pharmaceutical and cosmetics company established in 1899, and is well known to domestic consumers through brands such as eye drops, Mentholatum, and Hadalabo. This program is the first open innovation collaboration between Seoul Bio Hub and a Japanese pharmaceutical company, and through this, it plans to expand opportunities for Korean bio and medical startups to enter the Japanese market.
The recruitment target is a bio/medical startup established within the past 8 years, and a company that possesses technology in the fields of ▲hair care ▲eye care ▲skin care ▲anti-aging ▲flare care (aging care) based on formulation, ingredients, and technology.
The three companies that were finally selected will have the opportunity to establish a collaboration strategy with Rohto Pharmaceutical's executive team and present their technology and business proposals directly to local Japanese executives. After evaluation, they can be linked to various forms of practical cooperation such as joint research and development, technology transfer, global distribution expansion, and mergers and acquisitions (M&A).
Seoul Bio Hub will work with local Japanese accelerators to provide participating companies with mentoring and consulting tailored to the local market, and will also support infrastructure for startup growth, including space for moving in, research equipment, and investment connections.
Kim Hyun-woo, head of Seoul Biohub, said, “This open innovation with Rohto Pharmaceutical was planned as a structure to connect collaboration based on startups’ technological needs to actual collaboration,” adding, “We expect that it will provide practical opportunities for startups seeking to enter the Japanese market.”
- See more related articles
You must be logged in to post a comment.