Private space launch vehicle company 'INNOSPACE' announced on the 9th that it has signed a Memorandum of Understanding (MOU) for mutual cooperation with space medicine company 'SPACELYNUTECH' and space exploration company 'INTERGRAVITY TECHNOLOGIES (INTERGRAVITY)'. The partnership aims to research, develop, and commercialize transportation and recovery platforms and devices for space medicine research and new drug development projects.
Through this agreement, the three companies plan to integrate their unique and differentiated technologies: SPACELYNUTECH's expertise in space medicine research and pharmaceutical platforms, INNOSPACE's payload integration technology for customized space medicine launch vehicles, and INTERGRAVITY's technology for orbital transport and surface recovery. By doing so, they will establish a complete life-cycle of essential technologies for in-space manufacturing and recovery, and will begin full-scale cooperation toward commercialization.
SPACELYNUTECH was recently selected as the lead company for the 'Development of Innovative Medical Technology in Space Medicine to Overcome Medical Challenges,' a project under the 2nd Korea ARPA-H Project. INNOSPACE is preparing to launch its independently developed 'HANBIT-Nano' launch vehicle this July for the first commercial satellite launch by a private South Korean company. INTERGRAVITY, founded in 2024, is developing orbital transport and recovery vehicles featuring non-toxic, high-efficiency propulsion systems.
According to a 2022 report by global consulting firm McKinsey, the pharmaceutical industry is the top sector expected to achieve the most significant revenue growth by expanding its market into space, with projections estimating up to $4.2 billion (approximately 6.1 trillion KRW) in the short to medium term. This underscores the significance of these three South Korean space companies joining forces to pioneer and lead the new business frontier of space medicine.
"This MOU is profoundly meaningful as it provides us with the opportunity to develop space launch vehicles and systems for transporting space medicine modules, while also pioneering a new launch market in the space medicine sector," said Kim Soojong, CEO of INNOSPACE.
"I see this MOU between leading companies in their respective space sectors as a meaningful first step toward building a collaborative platform for the space pharmaceutical industry, which holds boundless potential," said Yoon Hak-soon, CEO of SPACELYNUTECH. "It is also crucial in establishing a foothold for South Korea to be recognized as a key player in the fierce global competition for space-based new drug development."
"My hope is that by jointly creating solutions for space bio and rapidly demonstrating our technologies, our three companies can generate future growth engines from space," said Lee Kijoo, CEO of INTERGRAVITY.
