Korea In Vitro Diagnostic Association (KIVDA) said that it would cooperate with the Philadelphia Science Center to help association members enter the U.S. market.
The cooperation with Philadelphia Science Center is part of KIVDA’s project to support member companies entering overseas markets. The association expects that its collaboration with the Philadelphia Science Center will directly benefit local in-vitro diagnostic medical equipment companies that want to develop an overseas market.
The Philadelphia University City Science Center is one of eight accelerators designated by the Biomedical Advanced Research and Development Authority under the U.S. Department of Health and Human Services, which identifies and fosters innovative technologies for national health safety.
The center serves as a hub for local founders and investors, and actively supports foreign companies entering the U.S.
For example, the center will provide KIVDA members with major U.S. market exploration boot camp and market entry fellowship programs. The boot camp program will include product service localization, legal and visa issues, intellectual property rights, funding sources and local funding ecosystem introduction, and accounting, tax, and value evaluation.
The fellowship program uses the center’s network to connect with investors, opinion leaders, local business executives, strategic partners, and local recruitment.
“We are pleased to establish a relationship with the Philadelphia Science Center, a model for successful bio clusters, to support our member’s advancement in the U.S. market,” the association said. “In addition to the existing programs offered by the science center, the association plans to develop specific joint programs with the center through consultations to further strengthen bilateral cooperation.”
The association also plans to enter into similar agreements with other bio clusters in the U.S. this year, it added.