Lee Gyu-lee is a business writer at The Korea Times, focusing primarily on IT & telecommunications, the Ministry of Trade, Industry and Energy and KOTRA. Prior to this, she has covered a wide range of cultural news, from film, television and K-pop to lifestyle and fashion.
KOTRA, SK Biopharmaceuticals join forces to back 'K-bio' expansion in US
Yu Jeong-joon, second from left, head of SK Americas, and Kim Rak-gon, center, director general of the Korea Trade-Investment Promotion Agency's (KOTRA) New York office, pose with other dignitaries in New Jersey, Friday (local time), after signing a memorandum of understanding to establish a local collaboration framework in the United States. Courtesy of KOTRA
By Lee Gyu-lee
The Korea Trade-Investment Promotion Agency (KOTRA) and SK Biopharmaceuticals are teaming up to help domestic biotech firms expand into the United States, stepping up efforts to deepen Korea’s presence in the world’s largest biotechnology market.
The initiative comes as K-bio exports hit a record $16.4 billion in 2025, underscoring the sector’s growing global competitiveness.
Building on its recent launch of the K-Bio Global Innovation LinX initiative in Korea with the Korea Health Industry Development Institute (KHIDI) and Hallym University, KOTRA announced it has signed a memorandum of understanding with SK Biopharmaceuticals and the New York-New Jersey chapter of the Korean American Society in Biotech and Pharmaceuticals (KASBP) on Friday to establish a local collaboration framework in the U.S.
“K-bio exports and its global standing are gaining traction not only in the U.S., the world’s largest biotech market, but also across other advanced markets such as Europe,” KOTRA CEO Kang Kyung-sung said.
“With this public-private one-team partnership now established both domestically and overseas, we will provide maximum support not only for large companies but also for innovative biotech firms seeking to expand globally.”
The partnership builds on SK’s existing co-growth program for smaller firms, extending its scope to include on-the-ground support in the country. As part of the effort, SK will provide office space through its U.S. subsidiary SK Life Science and share operational expertise from its own U.S. market experience.
KOTRA, alongside KHIDI and Hallym University, will focus on recruiting promising companies and facilitating partnerships with local firms. The organizations will also provide consulting, investor outreach and networking opportunities tailored to the U.S. biotech ecosystem.
The U.S. is Korea’s biggest pharmaceutical export destination, accounting for 18 percent of the country’s drug exports. Korean biotech shipments to the U.S. have been rising sharply, particularly in biosimilars and contract development and manufacturing organization (CDMO) services.
However, regulatory hurdles, certification requirements and tariff uncertainties continue to pose challenges for Korean companies.
To address these barriers, KOTRA also plans to leverage the existing K-bio desk, which is currently operating across seven U.S. trade offices, including New York, to offer regulatory guidance, intellectual property consulting and targeted marketing support.