Korean bio and pharmaceutical firms are seeking to expand into the U.S. market after the governments of the two countries agreed to expand cooperation in those sectors. The two governments signed 23 MOUs in the bio sector during President Yoon Suk Yeol's state visit to the U.S. last month. The agreements cover cooperation in research and development (R&D), as well as medical devices and digital health. As a result, there is growing optimism of increased momentum in efforts by domestic pharmaceutical and bio companies to enter the U.S.