SBA Supports U.S. Expansion of Biotech and Healthcare Firms... $9.5 Million MOU

[Financial News] Seoul Business Agency (SBA) supported promising companies in the biotech, healthcare and medical device sectors seeking to enter the U.S. market, securing memoranda of understanding (MOUs) worth a total of $9.5 million.
 According to industry sources on the 23rd, SBA operated a program from the 7th to the 13th in New York and Boston to support Seoul-based companies seeking to enter the U.S. market. The program focused on identifying practical business opportunities by arranging one-on-one business meetings tailored to each company's needs and visiting global biotech and healthcare innovation institutions to learn about local industry trends and market information.
 The program brought together 10 companies: five Hi-Seoul companies—VUNO, Raphas, LILLYCOVER, BIOARA and RUDACURE—and five other promising companies—AIVIS, Rothea, Survivant Biologics, Aloyn Beauty and AD Solution.
 SBA analyzed the participating companies' products and business areas in advance, identified local buyers and partners, and arranged one-on-one export consultations in each city.
 As a result, the companies held 178 export consultations and signed three MOUs with local companies and institutions. The agreements were worth a total of $9.5 million.
 They also held 13 discussions on joint research and four discussions on technology transfers, securing opportunities for follow-up cooperation to support the participating companies' entry into the U.S. market.
 SBA also visited major local institutions, including the New York City Economic Development Corporation (NYC EDC), the Massachusetts Office of International Trade and Investment (MOITI) and Cambridge Innovation Center (CIC Boston), to discuss support for Seoul-based companies entering the U.S. market and ways to expand business exchanges between the two regions.
 SBA plans to support exchanges with local partners and continuously manage each company's follow-up needs so that the program's achievements lead to concrete business outcomes, including export contracts, investment and technology cooperation.
 Lee Jae-hoon, head of SBA's Marketing Division, said, "This program was meaningful because Seoul's promising biotech and healthcare companies were able to meet local U.S. buyers, investors and relevant institutions in person, assess market demand and identify practical business opportunities. We will make active use of our cooperation networks with local institutions to systematically support Seoul-based companies' entry into the U.S. market and expansion of their exports."

[email protected] Kim Hyun-chul Reporter