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Incheon is in an advantageous position of fostering biomedical industries than other areas in Korea as it has many supporting infrastructures such as Korea Biotechnology Commercialization Center, Korea Conformity Laboratories, university clinical centers and research institutes. International airport and an international seaport located in this area is another strength for global business and international trade. Incheon also has some prominent biotechnology companies including Celltrion, Bernabiotech Korea and TS company, etc. Incheon City Government started its plans to nurture a bioindustry in 2004 and has supported to make favorable business environment since then. It has been constructing the Incheon Bioindustry Support Center and Songdo Science Village to provide core R&D facilities, housing and amenities. Incheon Free Economic Zone Authority(IFEZA) has been establishing biomedical clusters in Songdo, Cheongna and Yeongjong area. Its main businesses are to develop the Bio-Medi Park, BIT Port and Midi City. IFEZA decided to develop Songdo area as a high technology industrial complex and has been inducing renowned companies and research institutes from all over the world. Yonsei University Global Academic Complex, Bio Research Complex and Songdo Global Campus, etc. are constructed in this area. As of now, the number of biotechnology companies in Incheon is less than twenty. However, bioindustry in Incheon will encounter rapid growth within a few years, in its size, number, and quality of infrastructures.
IFEZA has been working to attract diverse investments and contracts from foreign companies, universities and hospitals. In less than a decade, Incheon is expected to rise as a hub of biomedical industries in the Northeast Asia.