Korean Biotech Firms Embrace Open Innovation
The Korea Bizwire website reports that the scope of innovative cooperation is expanding in Korea. Small ventures have begun to invest in each other, and participate in joint studies. This trend is eye-catching among industry officials because starts-ups of different sizes and levels are discovering and supporting one another in an innovative way. A new ecosystem has been created where partnerships between biotech startups are sufficient to grow the competitiveness of all the participants. “Biotech startups in the past used to focus on basic research, whereas new ventures are becoming multi-talented to further advance the industry through collaboration,” said Lee Jung-kyu, CEO of Bridge Biotherapeutics. “More open innovation will be seen as the industry matures in the future.”
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