[Reporter's View] For local gov't seeking biotech diplomacy

'BIO USA,' held in Boston, U.S., is the world's largest biotech industry conference.

 

Notably, this year's conference was attended by officials from Korea's local government.

 

The attending officials aimed to promote local biotech clusters and seek potential investment partners.

 

Through this event, they intended to establish a gamer-changer to their regional growth.

 

However, some industry officials showed both anticipation and concern.

 

Korean local governments attending this year's BIO USA strived to meditate on biotech diplomacy.

 

For instance, Nowon District of Seoul hosted a press conference near the event location and presented plans for 'Seoul-Digital Bio City (S-DBC).' Currently, Nowon District is reportedly discussing investment opportunities with two biotech companies in South Korea to build a biotech cluster in Chong-dong Training Depot.

 

Daejeon City, as a key bio-cluster holding local government, also sought technology transfer and joint research partnerships through MOU signings with overseas research institutions and IR events targeting investors.

 

Furthermore, Siheung City, Gyeonggi Province, which is promoting a biotech-cluster through an investment agreement of approximately KRW 2.2 trillion with Chong Kun Dang, also visited the event.

 

Although the enthusiasm of these local governments was evident, accomplishments have not yet been achieved.

 

Some local governments have only just begun their steps into the pharmaceutical and bio-industry, so news of significant investment attraction or contract signings is scarce.

 

An industry official pointed out, "While local government's interest and investment in the bio-industry are welcome.

 

However, if the focus is solely on trying without deliveries, it will ultimately be judged as mere showmanship." Ultimately, if local governments' overseas efforts do not lead to effective investment exchanges, they may not yield tangible results despite significant time and budget expenditure.

 

While various local governments view the pharmaceutical and biotech industries as a future growth engine and actively engage with them, not all have a favorable view.

 

This is partly because there are precedents of bio-clusters located across the country.

 

Currently, there are between 20-30 large and small bio-specialized complexes established in Korea, but questions remain about whether all these clusters are functioning.

 

Recently, the focus has shifted to improving efficiency and enhancing the competitiveness of existing bio-clusters instead of merely creating new ones.

 

Local governments also view that it's necessary to clarify their position and strengths within this larger picture, and strive to build complementary ecosystems by avoiding redundant investment or competition.

 

The choice of local governments to invest in the biotech industry, seeing it as a key opportunity for job creation, is not necessarily deserving of criticism.

 

However, there are negative view regarding the aspirations of some local governments to attract global big pharma's offices and R&D centers.

 

A biotech industry official advised, "Ultimately, to attract global big pharma, clusters in South Korea must grow to a level that makes them desirable.

 

It's not a problem that can be solved by local governments merely providing buildings and land.

 

They must create a self-sustaining ecosystem where excellent research personnel and companies gather." Ultimately, proper direction and cooperation are needed.

 

For the local government's efforts in Boston to yield tangible results rather than empty echoes, industry stakeholders and policymakers need to work as a unified team, drawing a larger picture, rather than pursuing individual goals, self-serving efforts by the central government, local governments, and private companies.