Yonsei Institute of Life Science and Biotechnology (ILB) signed a business agreement with Incheon Free Economy Zone (IFEZ) on January 10th to establish the Incheon Biomedical Hub (IBH). Together with IFEZ, ILB will construct a new Drug Research Center and a “Customized new drug” Cluster, recruiting the top scientists in the field and attracting more corporate funds for research. Established on March 24, 2000, ILB brought together all research related to life science and biotechnology that had hitherto been scattered among various academic departments of Yonsei, thereby facilitating interdisciplinary research projects and maximizing their results. ILB’s established goals are: development of new technology in life sciences; strengthening of basic research by establishing a fundamentally sound scientific infrastructure (research facilities, equipment and educational system); increased collaboration with corporate research; and practical applications of research results. Designated as a “Core Research Institute” by Korea Research Foundation, ILB is currently developing new pharmaceuticals through functional proteomics as a first step in becoming one of the leading pharmaceutical research centers in the world. IBH was originally conceived by IFEZ as a biomedical R&D hub of Northeast Asia, which anticipates and develops solutions for medical problems in the 21st century, with core principles based on a new concept of Healthcare Technology (HT), a fusion of BT, IT, and CT (Culture Technology). By cooperating with Yonsei University, IFEZ expects to accelerate the actualization of IBH, thereby establishing a stronger foothold in domestic and foreign biomedical research.