Biopharma clusters are springing up everywhere in South Korea. About 25 have already been formed nationwide and more are expected to come, as pretty much every local and municipal government jumps into establishing one in an effort to benefit from a national grand plan to build a major industry and innovation hub on a par with Boston in the US.
But the northeast Asian country has added challenges, not least that it must compete with established Asian rival clusters such as Singapore, Shanghai and Kobe. The Korean government has yet to come up with detailed plans to achieve its goal, but one plan under consideration is the use of virtual technology to connect the network of current clusters to create synergies
Key Takeaways
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South Korea already has about 25 biopharma clusters, with more expected to come as local/municipal governments jump onto national plans for a major global biopharma cluster.
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Experts at a recent forum in Seoul discussed policy challenges the country is facing, including governance and insufficient investment, as well as the need to attract foreign firms and capital to compete with rival clusters in Asia
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