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Chuncheon city to be a world leader in bio-pharma industry

According to Yonhap News,

In the midst of the global spread of the COVID-19 crisis, the city of Chuncheon is under the spotlight as a steady stream of pharma-companies ranging from diagnostic kits producers, vaccine developers and therapeutics suppliers to even consigned manufacturers are flocking toward the city.

According to the city authorities and Chuncheon Bio industry Foundation (CBF), there are eight kit suppliers.

The city mayor at the press conference said on Jan 19 “We, Chuncheon city is now forming a spatial agglomeration of bio-pharma companies with 6 listed both on KOSDAQ and KONEX, alongside 120 others clustering together. This concentration of business activities is attributed to substantial progress in sales, domestic demand and exports up 15.4%, 14% and over upwards 19% respectively year-over-year. The sales figure and exports they reached last year is reported to total KRW 76.67 billion and KRW 26.3 billion each with employment effect adding 2,652 new jobs.”

The success is credited to CBF’s annual biz-support programs designed to select and provide financial aids up to KRW 3 billion for 7-9 promising enterprises for five years. Since it has launched the service, CBF has undertaken the charge of business incubator and marketer to help scale up bio-pharmaceutical businesses in the community. To form invitro-diagnostic kits production platform, the city set another goal to build up a C&BD center by the end of next year, facilitating a ‘Bio-convergence support center’ which is set to break ground in 2023.

Source Text

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Source: Yonhap News (Jan 19, 2021)

** This article was translated from Korean.