Venture Plaza-(11); `Bio Support' Backs Infant Venture Firms

Korea Times (Seoul, Korea), July 11, 2000 | Go to article overview

Venture Plaza-(11); `Bio Support' Backs Infant Venture Firms


Catapulted by the announcement of the Human Genome Project's 90 percent completion of mapping the human genome, the bio technology industry has begun to gain rapid international recognition..

Despite the far-reaching future potential for this rapidly emerging high-tech industry, the nation's bio-tech businesses have remained at a``laboratory venture'' level, unable to develop own products due primarily to a lack of an appropriate climate and other software assistance.

Some firms in the industry once raised increasing concerns, flexing muscle at the KOSDAQ market, making up the mainstay group of promising items.

However, the majority have ended up failing to maintain the upward trend, having been hit by the controversial bubble phenomenon.

``The nation's bio-tech industry has been suffering from a lack of foundation for research and development, lagging far behind Western industrialized nations in many respects,'' said Kang Ho-kyong, president of Bio Support, an incubating firm exclusively for bio venture businesses.

The company, since its establishment in April this year, has been providing various software-related services for fledgling venture companies in the fields of business to business (B2B), information, certificate, technology and trading.

The company's focus is on helping the firms develop their own products, furnishing of information on patent affairs, certification regarding the current Goods Manufacturing Practice (cGMP), Food & Drug Administration and Hazard Analysis Critical Control Point (HACCP), and mediation for exports and technology transfer.

The company has recently signed a contract with the world's leading FDA-related agent, Image Solution of the United States.

``With this signing, we have become the nation's best solution as far as FDA-related businesses are concerned,'' Kang told The Korea Times.

The company has joined hands with the Boston Belt Network of the U.S., venture consulting firm, to provide domestic companies with updated information on the U. …

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