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Incheon City envisions Biotech Mecca by developing Songdo Global Biotech Cluster

Aiming to attract global advanced biotechnology companies and research institutions, the Incheon City authorities will expand the industrial complex the Songdo Global Biotech Cluster. They are going to add the 11th Songdo industrial block to the 4th, 5th and 7th Songdo industrial blocks with space of 910,000 square meters. They plan to develop the Songdo region as the into a global biotech hub.

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The Incheon Metropolitan City government has announced an ambitious plan for the development of the Songdo Global Biotech Cluster in the Incheon Free Economic Zone. In order to attract the world’s leading biotechnology companies and research institutions, the city will develop the industrial complex by adding the 11th Songdo industrial block.

They will develop the Songdo region as a world leading biotech center on a global scale by connecting the industrial complex with the planned nearby Songdo Severance Hospital and a science park.

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To attract leading biotechnology companies and research institutions, the city will expand the industrial complex with the 11th Songdo Industrial Block covering 990,000 square meters and the 4th, 5th and 7th Songdo Industrial Block covering 910,000 square meters. They will develop the Songdo region as a global biotech center by connecting the industrial complex with the planned nearby Songdo Severance Hospital and Science Park.

The city administration is concentrating on expanding the investor base. In 2018, it conducted investor relations activities in Switzerland to focus on technology and business developments in the country’s biotech industry. Representatives of the city visited Novartis, a global biopharmaceutical company, to discuss the possibility of investing in the biotech cluster.

Gudel Lineartec Co Ltd, a Swiss-based industrial robot manufacturer, opened its production facilities in the Songdo region in 2005. Several Swiss-based companies, including Roche, Novartis, and Bioengineering, established partnerships with biotech companies in Songdo. Biotech companies in the city also took part in the Europe Biotech Forum, the largest industry event in Europe.

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The city administration is currently carrying out contract research with the aim of analyzing important tasks for the expansion of the Songdo Biotech Cluster and developing a feasible overall concept by the end of the year. The study includes opportunities to identify demand from new investors, attract large-scale facilities and promote Korean biotech companies in the cluster.

“The Songdo complex has achieved remarkable growth in the global biopharmaceutical market. The incentive for more investment by advanced global pharmaceutical companies and the building of partnerships with them is essential to building a world-class biotech cluster,” said Park Nam-Choon, Mayor of Incheon City.

“We are committed to contributing to the growth of the Korean bio-pharmaceutical industry. While complementing susceptible industries in the development of the Songdo Global Biotech Cluster. And inducement of more investment by creating a more favorable environment for global pharmaceutical companies and maximizing Korean industry’s research and development capabilities.”

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(Featured image by Mathew Schwartz via Unsplash)

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Valerie Harrison is a mom of two who likes reporting about the world of finance. She learned about the value of investing at a young age upon taking over her family's textile business when she was just a teenager. Valerie's passion for writing can be traced back to working with an editorial team at her corporate job, where she spent significant time working on market analysis and stock market predictions. Her portfolio includes real estate funds, government bonds, and equities in emerging markets such as cannabis, artificial intelligence, and cryptocurrencies.