Johnson & Johnson Innovation – JLABS (JLABS) will activate its global network to enhance the competitiveness of Korean biotech and medtech startups, catalyzing the country’s innovation ecosystem to serve the critical mission of enhancing and saving lives

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.