South Korea’s Ministry of SMEs and Startups (MSS) held a discussion on the 10th at Yonsei Quantum Complex, located on Yonsei University’s International Campus in Incheon, to gather insights from experts and companies on advancing the pharmaceutical and biotech venture ecosystem.  

This meeting was a follow-up to the “Pharmaceutical and Biotech Venture Innovation Ecosystem Initiative” announced on January 15. It focused on strengthening biotech ventures’ drug development capabilities through AI and quantum computing while positioning Incheon as a leading global biotech cluster.  

Experts highlighted that AI and quantum computing could significantly reduce drug development time and costs, creating a major opportunity for Korean biotech ventures. They emphasized the need for active discussions and bold new initiatives in this field.  

Pyo Jun-hee, Deputy Director of the Convergence AI Institute for Drug Discovery (CAIID), shared plans to collaborate with the Korea Technology and Information Promotion Agency for SMEs on AI-driven drug development R&D projects. Han In-seok, Director of the K-Bio Lab Hub, announced a strategic partnership with Yonsei University’s Quantum Research Group to systematically support biotech ventures in utilizing quantum technology for drug development.  

Discussions also explored ways to enhance university-industry joint research, foster collaboration between pharmaceutical companies and biotech startups in Incheon, and maximize opportunities within the regional biotech ecosystem. Participants also stressed the importance of strengthening ties with global biotech clusters, including those in Japan, to establish Incheon as a world-class biotech hub.  

Following the discussion, MSS Minister Oh Young-joo visited South Korea’s first quantum computing center to learn about Yonsei University’s quantum computing initiatives and explore potential collaborations with biotech startups.  

Minister Oh stated, “AI and quantum computing present new opportunities to secure a competitive edge in the biotech sector. A thriving regional biotech ecosystem is essential for advancing the national biotech industry. With the K-Bio Lab Hub being established in Songdo, we are committed to supporting Incheon’s growth into a global biotech cluster specializing in drug development.”