GANGWON-DO < invest Korea

Arkray Inc. from Japan will sign an investment agreement for joint research and development (R&D) of KRW 9 billon with Boditechmed Inc. today.

With the agreement, the two parties will develop new innovative products targeting Japan and other advanced medical markets and promote commercialization for the global market.

The investment is significant that the foreign investment is based on innovative technological capability of Korean bio companies for R&D, compared to previous investment in Korean bio companies to manufacture foreign companies’ products or expand facilities of production plants.

In addition, for effective joint R&D, Arkray researchers will be dispatched to Boditechmed’s Chuncheon research institute at the end of this month to organize a project team.

Arkray and Boditechmed plan to accelerate their development of innovative diagnosis reagents and diagnosis instruments through strategic cooperation backed by their technology.

They will jointly work on development of new products. Boditechmed will be responsible for production of diagnosis reagents and diagnosis instruments, and Arkray will have a right to sell them around the world.

CEO of Boditechmed Choi Eui-yul noted that the contract recognized the world-class technology of Boidtechmed in the global diagnosis market, adding that the company aims to becoming a leader in the medical bio industry by producing advanced products and increasing exports to the global market.

Governor Choi Moon-soon noted that the investment will be significant for the Korean bio companies, adding that he expects it to serve as a good opportunity for Gangwon bio industry to upgrade itself and build a global network.

Established in 1960, Arkray Inc. has 24 subsidiaries and 1,800 employees in 80 countries around the world.

Source: Newsis (Sep. 16, 2013)

** This article was translated from the Korean.