KoreaBio Vice Chair Lee Seung-gyu underlines urgency for funding as China woos global pharmaceutical leaders Lee Seung-gyu, vice chair at the Korea Biotechnology Industry Organization, speaks in a press conference at the 2026 BIO International Convention in San Diego on Monday. (Joint Press Corps.) Korea Herald correspondentSAN DIEGO — Korea’s biotechnology sector faces a shrinking window of opportunity as China’s surge in new drug development accelerates on the global stage, an industry expert warned Tuesday.“The center of gravity in biotech is clearly shifting toward Asia,” said Lee Seung-gyu, vice chair at the Korea Biotechnology Industry Organization (KoreaBio), in a press conference at the BIO International Convention in San Diego.“The question is whether Korea can secure enough competitive modalities and clinical assets to capitalize on that trend.”As for the three key agendas at this year’s BIO International Convention — geopolitical shifts in biopharmaceutical supply chains, investment and licensing activity, and the industrial application of artificial intelligence — Lee said China’s rise remains one of the most pressing concerns for Korean companies.“Global pharmaceutical leaders are now searching for pipelines in China at a pace that was hard to imagine just a few years ago,” he said. “The speed at which Chinese firms are moving assets into clinical development is extraordinary.”The expert noted that while Korea continues to generate promising early-stage research, many domestic companies remain stuck in preclinical development due to a prolonged funding drought that has constrained venture investment over the last few years.“We need various funds, such as the state-backed ones, to act quickly so that we can speed up the (proof-of-concept) stage,” Lee said. “Once that’s complete, it will lead to license-outs, which will then lead to more favorable listings on bourse. This will eventually create a sustainable ecosystem.”Despite Korea’s continuously expanding presence at the BIO International Convention over recent years, the KoreaBio official underscored the importance of securing meaningful, tangible outcomes at the world’s largest biotechnology convention.According to KoreaBio, some 130 Korean companies took part in this year’s BIO International Convention. This year’s event drew over 20,000 participants from across the world. Of them, about 1,200 were estimated to be Koreans. The Korea Pavilion booth at the 2026 BIO International Convention in San Diego (Kan Hyeong-woo/The Korea Herald)