AusBiotech will be amongst the action, boosting Australia’s connections and reputation at BioKorea by supporting the Australian pavilion and conference sessions taking place.
Two dedicated conference sessions are being held highlighting Australia’s capabilities in clinical trials and Australia-Korea regenerative medicine, to enhance collaboration opportunities between the two countries. There is a demonstrated strong interest from Korean companies in collaborating with our Australian biotech industry.
The Korea Health Industry Development Institute (KHIDI) has previously led large Korean delegations to AusBiotech conferences over the past three years, and AusBiotech also has a memorandum of understanding with the Council for Advanced RM (CARM), Korea’s regenerative medicine industry association.
To develop a greater presence and establish partnership opportunities with the Korean life sciences industry, AusBiotech is partnering with Austrade to host the Australian national pavilion. KHIDI, Korea Biopharmaceutical and Pharmaceutical Manufacturers Association, and Austrade Korea will also be co-hosting a networking reception for all Australian participants and Korean partners on Thursday evening, 18 April 2019.
AusBiotech’s National Projects Manager Dr Claretta D’Souza will be opening the discussion on Australia’s biotech, highlighting the strengths of our pipeline and why we are global leaders within the industry.
If your company is working in regenerative medicine and cell therapies, drug discoveries, R&D, clinical trials, contract manufacturing, or medical technologies, or if you are a CRO or a related service provider, and you’re interested in joining the delegation to create a stronger, united Australian voice, then register for the Austrade delegation by 1 March. For more details and to register click here.
BioKorea 2019 is being held 17-19 April. In 2018, the thriving conference attracted over 700 companies, including eight leading Australian biotech and medtech companies.
About biotech in Korea
- Alongside Australia and Japan, the Korean pharmaceuticals market is one of the most developed in Asia. In 2017, total pharmaceutical sales amounted to KRW19.2trn (USD17.0bn) with a per capita pharmaceutical spend of USD334.6. As a proportion of total healthcare expenditure, medical spending amounted to 14.9% in 2017.
- A key driver of President Moon’s economic agenda is to promote growth through innovation. Korea’s budget for R&D will increase by 3.7% from the 2018 budget to KRW20.4trn (USD18.2bn). This comes on the back of the government’s KRW5.0trn (USD4.4bn) ‘growth through innovation’ plan, where it announced initiatives on eight pilot projects, including healthcare biotechnology.