From Seoul to Switzerland: Korean life sciences companies choose Basel Area

Yuhan Corporation, like many Korean companies, visits the Basel Area frequently when they come to Europe, for example during Bio Europe Spring which took place in Basel in 2023. Yuhan Corporation is a top-selling pharmaceutical company founded in 1926. The company has signed licensing deals with Gilead, Janssen, Boehringer Ingelheim, and other global pharmaceutical companies with a combined deal size exceeding $3.5B. Yuhan Corporation seeks collaboration opportunities to develop advanced life science ecosystems with other global pharmaceutical players worldwide. 

When it comes to the opportunity for Korean life sciences companies to get a thorough overview of the Swiss region, Anke Hollnagel, Director Asia at Basel Area Business & Innovation, ensures companies can discover the strategic location in the heart of Europe, the excellent infrastructure, and the easy access to European markets and suppliers.

But the major benefit is the life sciences network, which unveils its power as soon as you join it:

• More than 700 life sciences companies, prestigious universities, and research institutions are at home in the region. The proximity and connection to this one-of-a-kind network make collaboration easy, whether within the local industry or with European startups. The skilled life sciences talent Korean companies can count on is another big plus.
• Switzerland is widely known for its liberal labor law – and the Basel Area is no exception. The process of setting up a business is easy. Once you’ve achieved that, hiring employees is simple, and work contracts are flexible. The cantons of the Basel Area are supportive of innovative businesses. They help with the initial setup and offer infrastructure for new companies.
• The tax rates are also favorable for businesses: the corporate tax rates are competitive and innovative companies benefit from substantial tax reductions thanks to patent boxes and deductions for R&D. 

While expanding to a different region and culture is a challenge, Basel Area Business & Innovation softens the landing as we support new settlements in establishing a legal entity and find office and R&D locations.

Close ties between Korea and the Basel Area

The influx of Korean companies to the Basel Area is a testament to the close ties between Korea and Switzerland in general and especially between Seoul and the Basel Area: The University of Applied Sciences Northwestern Switzerland nourishes partnerships with different universities in Korea and the University of Basel has a partnership with Seoul Biohub. In 2022, Seoul and Basel-Stadt renewed their partnership that focuses on innovation and research.

On the industry side the Korea Pharmaceutical- and Bio-Pharma Manufacturer’s Association (KPBMA) partners with Basel Area Business & Innovation to provide a springboard for Korean biopharma companies that want to enter the European market.

Established biopharma companies and scale-ups from Korea can get support from additional initiatives that organize visits and networking events.

A great example is the Korea-Swiss Biohealth Partnership Forum organized by KOTRA (Korea Trade-investment Promotion Agency) during the Swiss Biotech Day. The event provided a platform for Korean startups and facilitated the exchange between Korean visitors and Swiss life sciences professionals, some with Korean roots. 

The direct encounter helps establish a better understanding of the ways and possibilities of doing business here and enables companies to establish roots. FatiAbGen is a company that has completed all the steps to set up a successful international branch in Switzerland.