Daewoong Pharmaceutical (CEO Jeon Seung-ho and Lee Chang-jae) hosted the ‘Korea-Indonesia Economic Cooperation Forum to Commemorate the 50th Anniversary of Diplomatic Relations’ held at the Ambassador Pullman Hotel in Jung-gu, Seoul on the 24th.picture) announced on the 28th that the Vice President of Daewoong Pharmaceutical participated as a key speaker and presented Daewoong Pharmaceutical’s business success story in Indonesia and its vision for the future.
Vice President Park gave a presentation under the theme ‘Daewoong Indonesia growing into biomecca’. He said, “Compared to the global pharmaceutical market which grows 5-6% annually, Indonesia has a unique growth potential, with the fourth largest human resource in the world, and the average growth rate of the pharmaceutical market for the next five years. to be 11.8%.”
He added, “Based on the vision of improving the quality of life of Indonesian people, we will develop the localization strategy that has been promoted for more than 10 years and grow together so that Indonesia’s pharmaceutical and bio industries can grow global. hub bio.”
Vice President Park said that the reasons why Daewoong Pharmaceutical managed to grow in Indonesia are △ active cooperation with local companies such as joint ventures △ localization of all areas such as research, development, production and sales △ active investment in human resource development △ specialist businesses such as medical beauty and cell therapy Development and other ‘core competence localization strategies’ were identified.
Daewoong Pharmaceutical Daewoong established Infion, a joint venture with Infion, an Indonesian pharmaceutical company, in 2012 to localize the pharmaceutical and bio business. By establishing Indonesia’s first biopharmaceutical plant, it contributed to the development of the local biopharmaceutical industry, such as technology transfer, and laid the foundation for direct operation such as research and development, production and sales.
In particular, Daewoong Pharmaceutical’s anemia treatment ‘Epodion’, an erythropoietic factor (EPO) product produced locally since 2017, has maintained its No. 1 market share in Indonesia. Having obtained halal certification in 2020, it is also driving overseas expansion of locally produced items.
Daewoong Pharmaceutical also promotes the localization of the aesthetic business to create high added value in Indonesia’s pharmaceutical and bio industries. By investing in production facilities in Bali and Cikarang, which are under construction, Daewoong Pharmaceutical’s core technologies related to aesthetics, such as the development, production and export of new botulinum toxin, will be transferred to disseminate the latest medical technology and contribute to job creation.
The company also promotes open collaboration for the localization of research and development. It is a strategy to strengthen global research and development capabilities by collaborating with excellent local talent by promoting a scale five times greater than the previous open collaboration.
In particular, the ITB Pharmaceutical Research Center, which is set to open this year after signing a business agreement (MOU) in September last year, plans to lay the foundation for research by combining Daewoong Pharmaceutical’s state-of-the-art formulation technologies, such as double layer tablet, core tablet technology, and single layer tablet technology. It is operated as a space for cultivating global talent in the fields of combination, sustained release, dissolution, and route of administration technology.
Meanwhile, at the forum, a large number of key government figures and businessmen from both countries attended, discussing strengthening partnerships and health cooperation between Korea and Indonesia. The Minister of Land, Infrastructure and Transport Hee-ryong, the Vice Minister of Strategy and Finance Ban Ki-sung, and from the Indonesian side △Lhut Binsar Panzaitan, the Minister of Coordination of Maritime Investments △Budi Gunadi Saadikan, the Minister of Health and △Gandhi Sulistyanto won, The Korean Ambassador attended.
Health Minister Budi said, “Since Indonesia’s medical infrastructure needs to be improved, we will review improvements in regulations related to the pharmaceutical and bio industries to speed up hospitals and various medical infrastructure expansion projects.” We expect to find a solution to expand the medical infrastructure through active investment in the bio industry.”