South Korean pharmaceutical company Boryung, formerly known as Boryung Pharmaceutical, has announced its intention to enter the space industry.
The company has signed an agreement with Axiom Space, a US-based space infrastructure and development technology company, to establish a joint venture (JV) aimed at promoting various projects in Low Earth Orbit (LEO).
Through a joint venture (JV) in the future, they plan to jointly seek various business opportunities utilizing Axiom Space's space infrastructure and space development technology. All projects that Axiom Space promotes with Korean companies and the government, including domestic ones, will be carried out through the newly established company.
Boryung's Care In Space (CIS) project will benefit from the infrastructure secured by the JV and create research and development and business opportunities from a national perspective. The company aims to collaborate with various companies to create synergies related to space research and development and carry out national space development missions.
Low-Earth Orbit (LEO) usually means an altitude of less than 2,000 km from the earth's surface, and is the gateway to space where most of the national space budget is executed and private companies compete.
Satellites for the space Internet, which are being pursued by private space companies such as SpaceX and Blue Origin, are also mainly circling this low-Earth orbit. The International Space Station (ISS), the outpost of space exploration, is located at this altitude, and research and development projects at the national and private level are currently being most actively pursued.
Axiom Space is developing Axiom Station, the first private commercial space station, to replace the ISS scheduled to be decommissioned in 2030. The company executed $60 million of strategic investment in Axiom Space on two occasions last year. The CIS project aims to resolve human activities and healthcare issues occurring in space and plans to focus on this with more partners this year.
