K-Bio Lab Hub project passes its preliminary feasibility study... Will offer support to nurture start-ups in the bio industry
The “K-Bio Lab Hub” project, jointly promoted by the Incheon City Government and the Ministry of SMEs and Startups, has taken another step closer to becoming reality.
On August 22, Incheon announced that the “K-Bio Lab Hub Construction Project,” jointly promoted with the Ministry of SMEs and Startups, had passed its preliminary feasibility study.
▲ The K-Bio Lab Hub project involves building a specialized support infrastructure for start-ups in the biotechnology field, such as new drug development, to help nurture bio start-ups. The project hopes to grow innovative start-ups in the bio industry by offering the space bio start-ups need, companies, establishing an open innovation cooperation system that can provide the facilities and equipment necessary for experiments and research, clinical trials, and prototyping, along with the required industry, academia, research, and military support in one space, and by supporting R&D initiatives aimed at developing new drugs. The image is a bird's-eye view of K-Bio Lab Hub.
The deliberation on the preliminary feasibility studies of nine potential national R&D projects submitted by the Ministry of Science and ICT saw only three projects, including the K-Bio Lab Hub Construction Project, pass the minimum requirements.
The K-Bio Lab Hub project involves building a specialized support infrastructure for start-ups in the biotechnology field, such as new drug development, to help nurture bio start-ups.The project hopes to grow innovative start-ups in the bio industry by offering the space bio start-ups need, companies, establishing an open innovation cooperation system that can provide the facilities and equipment necessary for experiments and research, clinical trials, and prototyping, along with the required industry, academia, research, and military support in one space, and by supporting R&D initiatives aimed at developing new drugs.
Earlier, the Ministry SMEs and Startups evaluated the candidate project sites for five local governments (Incheon, Gyeongsangnam-do, Daejeon, Chungcheongbuk-do, and Jeollanam-do).
Upon being selected as a candidate site, Incheon City has carefully compiled the materials required for the preliminary feasibility study through weekly meetings with the Ministry of SMEs and Startups and related organizations, expert advice, and visits to related facilities. It has also actively cooperated with the preliminary feasibility study throughout the entire course of its proceedings.
Meanwhile, the K-Bio Lab Hub Construction Project will require a total of KRW 272.6 billion in investment, including KRW 109.5 billion from the central government. For three years from next year to 2025, two building blocks for resident companies and one additional building for the training and networking of resident companies will be built for the K-Bio Lab Hub Construction Project. All buildings will likely open in earnest sometime in 2026.
