“...Although it is highly necessary for companies to accumulate technological know-how as a primary goal, it is also the time that can be referred to as a 'Know-Where Venture Management', where the development of new drugs relies essentially on finding emerging technologies and combining mutual capabilities from all over the world... As Korean local companies are realizing the more they develop new drugs, the more difficult it is, in order to complete the development of new drugs in advance, partnering as equal partner and sharing the information and know-how with global pharmaceutical companies, is as much increasingly important....What top global pharmaceutical companies look for in collaborating with local companies might be the strong will of entrepreneur to develop new drugs, skilled workforce in synthesis technology, and international confidence in the local ones, and therefore, we should give our best efforts to meet their needs.
I think the idea of "Know-Where Management" could be the best way of local companies near future, not limited within only a pharmaceutical industry, by that we can develop our core competence more, make it an intangible asset, penetrate into global market, and find out other prospective companies who have competitive advantages and maximize mutual benefits with collaboration in our weak area....”