CMI Hosts South Korean Life Sciences Start-ups as part of new multiyear agreement with South Korean Government and University of Utah to prepare Korean companies for expansion into US Markets.
Last week, the Center for Medical Innovation hosted its first cohort of South Korean healthcare start-ups for a weeklong training and networking workshop as part of a new agreement between the University of Utah and the South Korean government to promote growth, development, and expansion of Korean companies into the United States.
The agreement provides $2B KRW (~$1.4M USD) over the next three years to recruit and prepare early-stage Korean medical device companies for entry into the US Market. As part of the program, the Center for Medical Innovation will provide facilitated in-person trainings, networking, and resources dedicated to life science companies interested in expanding or relocating its operations to Utah.
Topics covered in the training sessions range from understanding US FDA regulations for new medical devices and strategies for successfully navigating pricing and distribution in the US market, to attracting investment funding and other considerations for company organization. Participating Korean companies are also provided access to the rich network of resources available to companies in Utah’s fast-growing Life Sciences ecosystem, including consultations with Economic Development Corporation of Utah (EDC Utah) and members of BioUtah.
While the program is still in its earliest stages, CMI leadership is optimistic about the potential for creating new growth.
“Our guiding objective for this program is to prepare a Korean company for entry into the US market, and then see that company successfully launch an FDA-approved product from a new Utah-based location,” said Justin Brunson, Director of Operations at CMI. “We’re confident that as this program gains traction both here and in Korea, we’re going to start seeing more and more companies want to get involved with our training workshops.”
The first cohort of companies participating in the December 2024 workshop included:
MediCell: Developing multiple device platforms to deliver specific wavelength laser treatment of dermatological diseases (including mycosis) for hospital, commercial, and at-home settings.
Blisstech: Multi-cellular pad provides zone-specific air pressure and temperature control, adaptable to different platforms (bed, chairs, wheelchairs) for use in hospitals and long-term care facilities
Remedi: Uses Cell Penetrating Peptides (CPP) for targeted delivery of substances into cells based on specific biochemistry, with early targeted applications of cancer vaccines, topical anti-inflammatory serums, and cosmeceutical markets.