Daewon Pharmaceutical, 2nd 'Open Innovation' to Discover Startups with Seoul City

[Financial News] Daewon Pharmaceutical announced on the 29th that it will promote an open innovation program with Seoul Bio Hub, a startup innovation platform for bio-medical startups. This program, now in its second year, aims to recruit startups less than 8 years old that can collaborate on new business, research, and technology needs pursued by Daewon Pharmaceutical and Seoul Bio Hub.
Selected startups will be provided with marketability reviews and improvement feedback that are practically helpful in the early stages of product development. They will be given the opportunity to participate in the 'Daewon Pharmaceutical Plus Program', which supports prototype production to commercialize innovative ideas.
The benefits also include joint research and technology transfer, product development and launch, investor recommendations, and investment attraction opportunities.
Selected startups can receive tailored support ranging from systematic corporate diagnosis through professional accelerator linkage from Seoul Bio Hub, joint research and technology commercialization support consulting through a pool of domestic and international experts, to overseas market validation.
Applications are open until July 10, and startups with technologies that can collaborate in fields such as △peptides △low molecules △drug delivery technologies △device-based drug delivery technologies △others (digital therapeutics (DTx), electronic drugs) within 8 years of establishment in Korea are eligible to apply.
Two companies will be selected through document and presentation evaluations, and the accelerating program will be provided until November. The Daewon Pharmaceutical Open Innovation Program will be supported for the duration of the 1-year agreement period.
Baek In-hwan, CEO of Daewon Pharmaceutical, stated, “We will leverage the know-how gained from the first program conducted with Seoul Bio Hub to discover partners for promoting key businesses and support Daewon Pharmaceutical's research technology and know-how to create good opportunities for mutual growth.”
Meanwhile, Seoul Bio Hub is a bio-medical startup innovation platform established by the Seoul Metropolitan Government and operated by the Korea Advanced Institute of Science and Technology and Korea University. Detailed information on program support can be found on the official Seoul Bio Hub website.

vrdw88@fnnews.com Kang Joong-mo reporter