SEOUL, SOUTH KOREA, April 21, 2020 — While Korea’s public health and medical system is drawing keen attention from all over the world in the face of the COVID-19 outbreak, the Seoul Metropolitan Government announced that it will actively sell “Seoul” at “BIO USA (BIO Digital),” the world’s largest bio and medical fair to be held in June this year. Due to the worldwide spread of the new coronavirus, this year’s fair will take place only online for five days from June 8 to 12.
Through this opportunity, the Seoul Metropolitan Government will attract attention mainly from investors of the United States and Europe who become potential investors for Korean companies that will participate in the fair. Currently, the United States and Europe account for 60 percent of the global pharmaceutical market.
The United States is No. 1 country in the global pharmaceutical market, accounting for 43 percent of the total market share, followed by Europe with 15 percent. The medical device market is also dominated by the top five countries – the United States, Japan, Germany, China, and France – with 68 percent of the total market.
Seoul will invite a total of 15 bio companies that will participate in the “BIO USA.” Any bio and medical company based in Seoul is qualified for the application.
After selecting the companies, the Seoul Metropolitan Government will conduct customized interviews for them and establish strategies for attracting investments. It will also provide consulting on how to develop IR (Inventor Relations) materials in English, offering pitching presentation coaching services.
Seoul will also host an online “Boot Camp” in late May for the companies before they join the Bio USA. At the Boot Camp, global venture capitals or accelerators in the bio sector will be invited to provide educational and training services in order to help the companies maximize their competitiveness before they have online meetings with investors called “BIO One-on-One Partnering.”
Even after the “Bio USA” fair, Seoul will continue to provide the participating companies with opportunities to have online one-to-one video consultations with potential investors through the “Invest Seoul Center,” an agency for promoting foreign investments in Seoul, and provide full-scale support for them until the investment attraction is achieved.