Distribution of 15,000 Pharmaceutical Products to Hospitals and Pharmacies
[Asia Economy Reporter Seo So-jeong] As health authorities have raised concerns about the safety of some influenza (flu) vaccines exposed to room temperature during distribution and have suspended free vaccinations, attention is focusing on Shinsung Pharmaceutical, a distributor. Shinsung Pharmaceutical 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.
Shinsung Pharmaceutical, established in 1985, 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 Pharmaceutical 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 beginning of significant business expansion. In 2006, it achieved sales of 214 billion KRW, and in 2008, it was selected as a management innovation-type small and medium enterprise by the Seoul Regional Small and Medium Business Administration. In 2010, it recorded sales of 304.8 billion KRW, surpassing 300 billion KRW in sales. 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 Gimpo Gochon.
Chairman Kim Jin-moon of Shinsung Pharmaceutical 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 the position of head of sales managing nationwide branches, Chairman Kim foresaw the potential for growth in the pharmaceutical distribution industry and established the company in 1985. Last year, the company surpassed sales of 422.7 billion KRW, showing rapid growth annually. As of last year, the company employed 115 people. According to Shinsung Pharmaceutical, the total number of traded pharmaceutical items is 15,000, with contracts with 150 domestic pharmaceutical companies, 50 foreign pharmaceutical companies, and about 20 domestic general hospitals.
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