Growth Strategies for Seoul Biomedical Industry based on Locational Patterns and Innovation NetworkSubmitted by siadmin on Tue, 01/21/2020 - 08:40
The Seoul Metropolitan Government (SMG), along with central and other local governments, has strongly emphasized the role of biomedical industry as a new growth engine. Specifically, the SMG announced the Hongneung cluster policy including the ‘Seoul Biohub’ plan.
This study proposes strategies for the development of Seoul biomedical industry while understanding the locational characteristics and the innovation network of the industry. According to data supplied by the Korean National Statistical Office, only 5.9 percent of biomedical establishments have undergone relocation between 1994 and 2016. Despite the fact that the Hongneung region has been reputed for a higher number of startups in bio-pharmacy, the Seoul biomedical industry appears to be locked in the existing industrial region because of deep reliance on other biotech firms and innovation partners. However, the biomedical firms rely heavily on their relationship with major hospitals. Preclinical and clinical testing requires the cooperation between a variety of players such as medical universities, CROs, and CMOs. In conclusion, this study has proposed several biomedical strategies for Seoul.