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Writer Invest Seoul Day18-07-23 17:03 View201

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Seoul Metropolitan City Launches Cooperation Initiative with Johnson & Johnson for the Successful Foundation of Bio Companies

 

 

On July 12th, Seoul Metropolitan City held the Global Innovation Forum with Johnson & Johnson Korea at Seoul Bio Hub partnership with Korea Health Industry Development Institute, Johnson & Johnson Korea and Janssen Korea, with the goal of vitalizing Seoul's bio and medical industries.


Bio and medical industries are faced with an extremely high risk of business failure compared to businesses in other areas, and a huge amount of time and expense is involved before meaningful research is achieved. To overcome these problems, open innovation through external cooperation is actively being pursued. Open innovation is a strategy adopted to maximize performance by using external technologies in the process of research, development and commercialization.

 

The forum held to prepare the foundation for cooperation through open innovation consisted of a morning session and an afternoon session, which had the themes of Open innovation from the perspective of Johnson & Johnson and Strategy for successful startups through global innovation ecosystem, respectively. Significantly, many executives of Johnson & Johnson stationed in the U.S., Shanghai and Korea attended the forum to introduce the strategies and models of open innovation that have been adopted by the company, and made a presentation about the progress of open innovation pursued by cooperation between Johnson & Johnson and the Korean companies (GPOWER and NUEYNE) operating in Seoul Bio Hub that were selected last year in the Seoul Innovation Quick Fire Challenge. The presentation by the Johnson & Johnson executives aimed to help build the understanding of the people concerned in bio venture companies.


Sang-chun Kim, Director of the New Growth Industry Division of Seoul Metropolitan City government, says The core priority is to establish an ecosystem in which bio companies can continuously pursue new initiatives, and can stand up again after failure. This is essential, as the nature of the bio industry means that companies usually do not get a return on their investment for a long period of time. We will work to provide a favorable environment for the foundation of bio companies by promoting active exchanges between startups and multinational corporations, to foster win-win relationships.



 

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