Posted: 14 December 2023
With the execution of a new Memorandum of Understanding (MoU), MTPConnect and the Korea Health Industry Development Institute (KHIDI) have committed to working closely together to support the growth of health and medical technology, biotechnology and pharmaceutical companies in each country.
The MoU has been executed in Seoul and Melbourne, with the signing witnessed by Australia’s Ambassador designate to the Republic of Korea, Jeff Robinson.
The agreement supports enhanced cooperation and commits the two organisations to work together on activities including promotion and support for relevant funding and product development opportunities, introductions and in-market support in respective jurisdictions, support for inbound and outbound missions and planning and delivery of joint events and projects.
The first initiative under the MoU is already underway, with MTPConnect representatives in Seoul for face-to-face meetings with Korean medtech SMEs interested in partnering with Australian companies.
MTPConnect’s Stuart Dignam says Korea is an increasingly important market and hub for the life sciences sector in Australia.
“We’re delighted to formalise our relationship with KHIDI through this MoU which will open-up new market, commercial and collaboration opportunities for Australia’s life science start-ups, SMEs and researchers,” Mr Dignam said.
“It builds on the valuable relationship MTPConnect already enjoys with KHIDI and other links in Korea, including REDI Fellowships with two companies, Cytiva and Yuhan Corporation.
“Korea is Australia’s third largest two-way trading partner. Trade is diversifying away from the traditional energy, resources and agriculture to technology and services, and life sciences and
medical products, including clinical trials is an example of this.
KHIDI was founded under the Korea Health Industry Development Institute Act and is the premier organisation in Korea working to grow the country’s life sciences sector.
KHIDI president Soon-do Cha, says “We learned through the COVID-19 pandemic that no single country can overcome the pandemic and only way to overcome it is through global
cooperation. At this moment, KHIDI has been trying to find the best partner in the life sciences sector and we’re very happy to be a partner with MTPConnect.
“I believe that the MoU between MTPConnect and KHIDI will not only contribute to the cooperation between our two countries, but also to the development of global healthcare,” he said.
Mr Dignam says an example of how the two organisations will work together is through KHIDI’s International Cooperation R&D program.
“This new program requires Korean medtech companies to partner with international companies to be eligible for grants up to $1.5 million,” he said.
“It’s a fantastic collaboration and funding opportunity for Australia’s medtech SMEs to work with leading companies in Korea and we have staff on the ground in Seoul this week to help facilitate introductions, make connections and promote the benefits of Korea and Australia working more closely together.”
