Korean biologics drug companies, including major players Celltrion and Samsung BioLogics, agreed Friday to localize materials for bio drug production.
Incheon Metropolitan City hosted the event attended by some 110 personnel from the biologics industry. Incheon houses Korean biologics production facilities.
Biologics companies sign a memorandum of understanding on Friday to make efforts to localize materials at plants. (Celltrion)
Korea’s 1.69 trillion won ($1.4 billion) bio industry output in 2017 has climbed annually, and is anticipated to rake in well over 2 trillion won. However, 98 percent of the materials used at biologics plants are sourced from overseas, said the Incheon city government.
Amid heightened awareness about global intellectual property and patent security, the localization of bio production materials has become a crucial mission, it added.
The memorandum of understanding signed Friday underlines collaboration between institutes to use local materials at bio facilities, and subsidizing such efforts.
Celltrion, Samsung BioLogics, Binex, DM Bio, the Korea Biotechnology Industry Organization and Incheon Chamber of Commerce and Industry were present at the event.
By Lim Jeong-yeo (firstname.lastname@example.org