On April 25, during the South Korean President’s state visit, the Biotechnology Innovation Organization (BIO) and KoreaBIO signed a bilateral Memorandum of Understanding (MOU) to advance innovation in biotechnology and biomanufacturing.
The MOUs signing took place during an event led by the Korean Trade Minister. The agreement will see BIO and KoreaBIO work together to drive innovation in the sector and take action to advance President Biden’s recent executive order.
What does the MOU entail?
The agreement will involve BIO and KoreaBIO collaborating to share ideas on policy and supply chain issues, as well as proactively engaging with member companies and annual conventions.
BIO has been advocating for biotech regulatory harmonization with countries such as Korea, whose ag biotech approval process was considered “onerous and protracted” by the U.S. Trade Representative’s National Trade Estimate. Last year, BIO participated in a meeting in Korea to discuss this topic and looks forward to further collaboration.
The MOUs objectives
There are three main objectives outlined in the memorandum are described as the following:
- KoreaBIO promotes communication among all parties in the bio industry and seeks to create a sustainable biotech industry through training and policy-making programs to serve members efficiently and promote global cooperation, investment relations, and collaboration.
- BIO seeks to drive a worldwide bio-revolution, equitably harnessing biotech innovation and rapidly deploying it for healthcare, sustainability, and justice. The organization represents members involved in groundbreaking healthcare, agricultural, industrial, and environmental biotechnology products.
- KoreaBIO and BIO will work together to drive global innovation and give voice to their members through shared actions and ideas.
BIO sees growth signified by the MOU
BIO’s CEO Rachel King stated, “It was great meeting with KoreaBIO President and Samsung Bioepis CEO Christopher Hansung Ko to discuss collaboration on advancing bio-manufacturing in the U.S. and Korea.” Nancy Travis, BIO’s VP of International Affairs, also said, “This MOU represents the growth of our relationship with KoreaBIO and recognizes the increasing sophistication of the Korea biotech sector. BIO looks forward to expanding our cooperation to strengthen biomanufacturing on both sides of the Pacific.”