On Jan. 22, representatives from South Korean bio startups, selected based on their performance in the ‘GRaND-K’ program initiated by Hongneung Innopolis, gathered in a meeting room at Collyer Quay in Singapore’s central business district. They were joined by venture capital firms and consulting companies operating in Singapore, all aiming to assist in the international expansion of these emerging K-Bio ventures.
Hongneung Innopolis, celebrating its fifth year as Seoul’s pioneering medical and bio healthcare cluster, is situated in the Hwigyeong-ro area of Seoul’s Dongdaemun-gu district. It serves as a hub where leading research institutions and universities in Korea collaborate to spearhead advancements in medical and bio technology, while also nurturing startup ventures. Lee Sang-woo, assistant professor at Seoul National University School of Dentistry and Chief Scientific Officer (CSO) of the biotech startup SiALBIO, expressed satisfaction with the event, noting, “We’ve secured investor meetings and obtained information on potential collaborations with Singaporean hospitals for therapeutic research.” SiALBIO is currently developing a new medication to treat xerostomia in patients with the rare autoimmune disorder Sjögren’s Syndrome.
Domestic bio startups supported by Hongneung Innopolis have chosen Singapore as their destination due to its emergence as a prime location for bio companies in the Asia-Pacific region. The Singaporean government’s efforts in reducing tax rates and offering various incentives have attracted global pharmaceutical giants like AstraZeneca, Takeda Pharmaceuticals, and Novartis, establishing Singapore as their Asian hub. Won Dae-ro, CEO of Wilt Venture Builder, operating venture capital in Singapore, noted, “Singapore has emerged as Asia’s Silicon Valley, excelling in global regulations, foreign exchange transparency, and future predictability,” adding, “After a decade of effort, 80% of venture capital in Southeast Asia has concentrated here.”
Emulating the bio hub of the United States, Boston Cluster, Hongneung Innopolis has designated Singapore as a significant international collaboration partner. Within a 2.5 km radius are research institutions such as the Korea Institute of Science and Technology (KIST), Korea Advanced Institute of Science & Technology (KAIST), Korea Institute for Advanced Study, Korea Institute for Defense Analyses, as well as educational institutions like Korea University, Kyung Hee University, Seoul National University of Science and Technology, and university hospitals such as Korea University Medical Center, Kyung Hee University Medical Center, and Korea Institute of Radiological & Medical Sciences. The domestic industry believes that Hongneung Innopolis, situated within city limits like hubs in Boston or Singapore, has greater potential for development compared to other bio clusters.
Hongneung Innopolis and Singapore collaborate on various fronts, with HealthTEC.SG, a national consortium hosted by Singapore’s Agency for Science, Technology and Research (A*STAR), leading cooperation among the healthcare industry, academia, and the medical sector. Last February, Hongneung Innopolis entered into a memorandum of understanding (MOU) with HealthTEC.SG, laying the groundwork for its expansion into the Southeast Asian region as a hub. Mediwhale, a company developing an AI medical device called ‘DrNoon’ to predict cardiovascular and renal diseases by analyzing retinal vascular images, has established an R&D organization in Singapore and is conducting clinical research. Rim Hyung-taek, the Chief Medical Officer (CMO) of Mediwhale, emphasized the advantages of joining the HealthTEC.SG consortium through Hongneung Innopolis. He said, “Access to the researcher network is a significant benefit,” and added, “Attending HealthTEC.SG conferences enables us to meet researchers typically found only in the U.S. and provides opportunities for presentations and promotions.”
Gordon Xiong, Assistant Director at HealthTEC.SG, described the collaboration between Hongneung Innopolis and Singapore as a successful case, highlighting the mutual benefits. He explained, “Supporting companies at Hongneung Innopolis allows the Singapore healthcare sector to access cutting-edge healthcare technology, while Korean firms have the opportunity to collaborate with Singapore partners and to utilize Singapore as a hub for international expansion.”
The Institute of Health Innovation & Technology (iHealthtech) at the National University of Singapore (NUS) has also forged a business agreement MOU with Hongneung Innopolis to assist Korean bio companies. Comprising 18 professors from disciplines including biotechnology, biomedical engineering, medicine, electrical engineering, and materials science, iHealthtech aims to develop advanced healthcare technologies and facilitate their commercialization. Associate Professor Ali Asgar Bhagat, Director at HealthTEC.SG and Deputy Director of NUS iHealthtech, said, “Both Korean and Singaporean societies are grappling with aging populations, and we are collaborating on research into elderly care and mental health issues,” adding, “We expect that new technologies developed in Singapore and Korea can be mutually beneficial.”
