Johnson & Johnson Innovation Commemorates Agreement with Korean Ministry of Health and Welfare on Operation of the Global Accelerator Platform for Early-Stage Biotech and Medtech Companies

Update : 2nd April, 2024

Johnson & Johnson Innovation commemorated an agreement with the Republic of Korea’s Ministry of Health and Welfare (MOHW), to mark the selection of its Operator of the 2024 Global Accelerator Platform. Through this platform, the MOHW aims to leverage the JLABS global network to enhance the competitiveness of Korean biotech and medtech startups, while attracting overseas investments and catalyzing the country’s innovation ecosystem to serve the critical mission of enhancing and saving lives.

“Expanding the Johnson & Johnson Innovation – JLABS offerings to the Republic of Korea demonstrates our commitment to and investment in the region. We look forward to helping create a thriving environment for the local innovation ecosystem where together, we can develop breakthrough solutions to profoundly impact health for humanity.” said William N. Hait, M.D., Ph.D., Executive Vice President, Chief External Innovation and Medical Officer, Johnson & Johnson.

This collaboration will leverage the expertise and global reach of J&J in both innovative medicine and medtech and the track record of JLABS in accelerating innovation across the globe. Through this agreement with MOHW, JLABS will provide services and innovation resources to early-stage companies, facilitating the acceleration of their discoveries into potential innovative medicines, medical technologies, and healthcare solutions. JLABS will also engage with local incubators and strategic collaborators in the ecosystem to offer venture and talent development programs, stimulating employment and commercialization opportunities for these startups, while also launching an investor hub to connect these early-stage companies with venture investors from around the world.

Johnson & Johnson’s Executive Vice President, Chief External Innovation and Medical Officer, Dr. William N. Hait was joined by MOHW Deputy Minister Park Minsoo for a signing ceremony to mark the beginning of this transformative collaboration. Additional MOHW officials and Johnson & Johnson Innovation executives joined the ceremony, including Vice President of Johnson & Johnson Innovation – JLABS Asia Pacific, Sharon Chan, DPhil., Vice President and Global Head of Strategy and Business Operations for Johnson & Johnson Innovation and Enterprise R&D, Maike Stenull, Area Managing Director, North Asia, Johnson & Johnson MedTech, Jin Yong Oh, and Interim Area Managing Director, North Asia, Janssen, Heungsik Yoon.

This new agreement follows a number of collaborations and investments that Johnson & Johnson has made in Korea, with strategic partners including Yuhan Corporation, LegoChem Biosciences, T&R Biofab, and HUINNO. 2022 also marked the sixth QuickFire Challenge in the Republic of Korea, in partnership with the Seoul Metropolitan Government, Korea Health Industry Development Institute, and Seoul Bio Hub.

“We are proud to have established strong and strategic partnerships with collaborators across South Korea. With this latest agreement, we look forward to collaborating with more innovators who share our mission to translate the most promising science and technology into transformational outcomes for patients. By introducing JLABS, our aim is to enhance Johnson & Johnson's efforts in nurturing the bio-healthcare ecosystem and cultivating a culture of innovation in Korea”, said Jin Yong Oh, Area Managing Director, North Asia, Johnson & Johnson MedTech.

Since its inception JLABS has incubated over 1,000 life science startups, spanning pharmaceuticals, bio-ventures, and medical technology. These startups have collectively raised nearly $100B in secured and contingent financing, with 57 IPOs and 60 acquisitions. The commitment to attracting, identifying, and supporting healthcare innovators remains steadfast in JLABS' global mission.

For companies and innovators interested in JLABS, please visit https://jnjinnovation.com/locations/jlabs/jlabs-korea.

 

About Johnson & Johnson Innovation

Johnson & Johnson Innovation works across the pharmaceutical and medical technology sectors to accelerate early-stage, transformational solutions by catalyzing the best ideas, wherever they are in the world. We do this by harnessing our deep scientific capabilities coupled with a wide range of tools, including customized deal structures, company creation, incubation and startup services, capital investments and other innovative business models that aim to meet the diverse needs of entrepreneurs, scientists and emerging companies. Our goal is to help life science and health technology innovations thrive through collaboration and partnership with the global ecosystem, so that together we can profoundly impact health for humanity. Meet our passionate team of science and technology experts and learn how to collaborate with us at www.jnjinnovation.com.

About Johnson & Johnson Innovation – JLABS

Johnson & Johnson Innovation – JLABS (JLABS) is the largest global network of open innovation ecosystems, enabling and empowering emerging companies with the knowledge, experience, partnerships, and venture connections across a broad healthcare spectrum including pharmaceutical and medical technology sectors. Our goal is to catalyze and accelerate the delivery of lifesaving, life-enhancing solutions to patients around the world. JLABS is a no-strings-attached model, which means innovators are free to develop their science and technology while holding on to their intellectual property. JLABS also produces campaigns to seek out the best science and technology called QuickFire Challenges. For more information, visit https://jnjinnovation.com/jlabs or follow @JLABS.

Cautions Concerning Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson Innovation LLC, Johnson & Johnson Medical Korea Ltd., and/or Johnson & Johnson. Risks and uncertainties include, but are not limited to: the potential that the expected benefits and opportunities related to the collaboration may not be realized or may take longer to realize than expected; challenges inherent in new product development, including the uncertainty of clinical success and obtaining regulatory approvals; competition, including technological advances, new products and patents attained by competitors; uncertainty of commercial success for new products; the ability of the company to successfully execute strategic plans; impact of business combinations and divestitures; challenges to patents; changes in behavior and spending patterns or financial distress of purchasers of health care products and services; and global health care reforms and trends toward health care cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, including in the sections captioned “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors,” and in Johnson & Johnson’s subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Johnson & Johnson Innovation LLC, Johnson & Johnson Medical Korea Ltd. nor Johnson & Johnson undertake to update any forward-looking statement as a result of new information or future events or developments.

Source : Johnson & Johnson Innovation


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