Support for startup-hospital joint research… Launch of Seoul Bio-Medical Cooperation

The Seoul Metropolitan Government announced on the 10th that it has launched a cooperation system with 12 institutions, including the Korea Institute of Science and Technology (KIST) and major hospitals in Seoul, to support joint research between bio startups and hospitals.

The purpose is to help startups overcome the so-called 'Valley of Death', where development is halted before the technology is commercialized, by connecting with hospitals in a timely manner and verifying their performance.

On this day, the city held a launch ceremony for the 'Seoul Bio-Medical Cooperation Governance' at the Seoul Bio Hub in Dongdaemun-gu and signed a multilateral business agreement with KIST and hospitals and institutions participating in the launch ceremony.

The organizations decided to join forces in discovering demand for translational research in startups and medical fields, supporting joint research, discussing ways to utilize research resources such as equipment, samples, and data, and conducting follow-up research and development and information exchange.

Specifically, the 'Seoul Open Translational Research Platform' will be jointly established and operated.

The city will oversee the project, KIST will be in charge of platform operation and technology review, and participating hospitals will be in charge of linking researchers and conducting joint research.

Through the platform, startups will receive step-by-step customized support, from preliminary technology review to connecting appropriate hospital researchers to conducting joint research.

The city will promote a pilot project for three startups in the bio and medical fields next year and provide support of up to 50 million won per company.

Afterwards, we plan to gradually expand participating hospitals and supporting companies based on operational performance.

KIST President Oh Sang-rok said, “Good technology does not immediately lead to good treatment,” and added, “KIST will objectively review the technologies of start-ups based on the research capabilities and experience of operating the Seoul Bio Hub that we have accumulated so far, and ensure that joint research with hospital researchers can lead to practical verification results.”

Kim Hyun-woo, head of the Seoul Metropolitan Government's economic office, emphasized, "There are quite a few bio startups that are unable to find their way in the clinical verification stage even though they have technological capabilities. Through the cooperative body, KIST and major hospitals in Seoul will review the companies' technologies together and connect them through joint research, so that the laboratory's innovative technology can reach patients."