MaRS Innovation and the Korea Health Industry Development Institute (KHIDI) signed a five-year global partnership agreement to commercialize the latest advances in biomedical and healthcare innovations, which is expected to generate new startups worth over $100-million.
Under the agreement, a joint commercialization platform with an infrastructure of collaboration will help Ontario and South Korean biomedical companies and health institutions commercialize and launch their products in each other’s markets.
KHIDI and the top 10 South Korean research-driven hospitals have already expressed an interest to collaborate with MaRS Innovation’s 15 institutions, including the world renowned University of Toronto and its nine affiliated teaching hospitals.
MaRS Innovation anticipates that the partnership will create 10 startup companies and over 100 highly skilled jobs in both countries.
“KHIDI has a proven track record of identifying promising early-stage biomedical and healthcare projects and successfully developing them through clinical stages,” Dr. Raphael Hofstein, president and CEO of MaRS Innovation, said in a statement.
“We believe that our joint pools of novel technologies and projects together with KHIDI’s medical development expertise and strategic collaborations with global players is a perfect match,” he added.