Where is Sinseong Yakpum, which distributed flu vaccines exposed to room temperature?

Last Year Sales of 422.7 Billion KRW... Total Number of Traded Pharmaceuticals 15,000 Items

[Image source=Yonhap News]

[Asia Economy Reporter Seo So-jeong] As health authorities have suspended free vaccinations due to safety concerns over some influenza (flu) vaccines exposed to room temperature during distribution, attention is focusing on Shinsung Yakpum, a distributor. Shinsung Yakpum is the sole wholesaler managing the supply of free vaccines secured by the government and is a procurement company participating in the national project for the first time.

Established in 1985, Shinsung Yakpum is a pharmaceutical wholesaler headquartered in Gochon-eup, Gimpo-si, Gyeonggi Province. Its main business area is pharmaceutical distribution, providing purchasing and logistics services to hospitals and pharmacies. Specializing in pharmaceutical distribution and integrated medical supplies, Shinsung Yakpum recorded sales of 87.9 billion KRW in 2000, achieving the highest sales among pharmaceutical wholesalers in the metropolitan area. The following year, in 2001, it surpassed 100 billion KRW in sales, marking the start of significant business expansion.

In 2006, sales reached 214 billion KRW, and in 2008, the company was selected as a management innovation-type small and medium enterprise by the Seoul Regional Small and Medium Business Administration. In 2010, sales hit 304.8 billion KRW, surpassing the 300 billion KRW mark. In 2013, the logistics center was relocated from Dongdaemun, Seoul, to Gimpo. The company upgraded its facilities by constructing a two-story, 3,082㎡ logistics center in Gochon, Gimpo.

Chairman Kim Jin-moon of Shinsung Yakpum graduated from Dongguk University with a degree in Business Administration. After starting his career as a sales representative at a pharmaceutical company and rising to head of sales managing nationwide branches, he foresaw the potential of the pharmaceutical distribution industry and founded the company in 1985. With sales of 422.7 billion KRW last year, the company has shown rapid growth annually. As of last year, it employed 115 people. According to Shinsung Yakpum, the total number of traded pharmaceutical items is 15,000, with contracts established with 150 domestic pharmaceutical companies, 50 foreign pharmaceutical companies, and over 20 general hospitals nationwide.