For Korean investors and companies looking to engage with California’s dynamic life science sector, Biocom California Honorary President Joe Panetta assured that the association offers a wealth of resources to create abundant opportunities for cross-country collaboration and innovation.
"We want to find partners and work in hubs that bring opportunity to our members to expand their business and access to capital," Panetta said during a press briefing held Wednesday in San Francisco on the sidelines of the JP Morgan Healthcare Conference.
Biocom California, the state’s leading life science advocate with over 1,800 member companies, has been expanding its presence by leveraging California's evolving biotech sector which has transformed into a powerhouse with major hubs in San Diego, the Bay Area, Los Angeles and Orange County.
The Bay Area alone contributes over $142 billion in economic input and supports nearly 160,000 jobs, while San Diego, the third-largest life science cluster in the US, receives significant research funding and hosts numerous research institutions.
With Biocom California positioning itself as a crucial bridge between the state’s biotech prowess, it forged formal relationships with multiple Korean organizations.
"We are pleased that Samsung Biologics joined as a new member last year, and we have also maintained partnerships with the Korean Innovative Medicines Council while continuing efforts to strengthen ties with KoreaBIO,” he said.
"What impresses me most about Korea is its proactive, ambitious approach and the speed with which it is advancing the life science industry and enhancing competitiveness. However, the biggest challenge I see in Korea is the need for greater access to venture capital, which is one reason many Korean companies are looking to California for opportunities."
Government support for California's biotech industry has been largely indirect yet effective.
"Over the past years, the government has done a lot to create a positive environment for the creation of our industry," Panetta explained. The support includes economic development initiatives, expedited permitting processes, and tax incentives such as manufacturing investment and research and development tax credits.
Meanwhile, the integration of artificial intelligence into biotechnology is rapidly gaining momentum, according to the honorary president.
"AI is playing a leading role in biotech. In fact, we have a conference called Converge Summit in April, that brings together the AI industry and the biotech industry, which many of Korea's leading bio firms would find highly relevant and beneficial."
By Kim Hae-yeon (hykim@heraldcorp.com)
