Sparklab Group venture capital firm Sparklab Partners said on Wednesday it will push ahead with establishing a clinical specialty hospital in the Pohang area.

To that end, Sparklab Partners signed a four-party business agreement with Handong Global University, Pohang Technopark and the Korea Business Angels Association at Handong Global University’s Hyundong Hall for the “establishment of a clinical specialty hospital and creation of a bio cluster.”

Under the agreement, the organisations will cooperate on establishing and operating a clinical specialty hospital in the Pohang area. They will also work toward building an integrated bio cluster, including intensive support for clinically focused bio startups, joint industry-academia-research medical science and bio research, strategies and related activities to secure investment resources, provision of clinical trial execution and research infrastructure, and support for demonstration projects and commercialisation.

The project combines local medical and research institutions with a private investment firm in practical cooperation. The four organisations plan to foster Pohang as a bio innovation hub linking clinical research with technology commercialisation and to establish a growth ladder for bio startups based on the region’s medical infrastructure.

Sparklab Partners CEO Homin Kim (김호민) said many have faced difficulties because conditions in South Korea have not met requirements to conduct clinical trials, forcing them to proceed overseas at high cost. He said establishing a clinical specialty hospital will put a clinically focused bio cluster model into practice and grow Pohang into a global bio hub.