Lifelong Dedication to Realizing 'Uiyakboguk'... Transforming Daewoong Pharmaceutical into a Leading Force in New Drug R&D

Yoon Young-hwan, Honorary Chairman of Daewoong Pharmaceutical, Passes Away at 88
Founder of Seokcheon Nanum Foundation, Contributor to the Advancement of Korean Medical Science

Yoon Young-hwan, Honorary Chairman of Daewoong Pharmaceutical.

[Asia Economy Reporter Lee Gwan-joo] Yoon Young-hwan, Honorary Chairman and founder of Daewoong Pharmaceutical, passed away on the 20th at the age of 88.

Honorary Chairman Yoon graduated from Sungkyunkwan University College of Pharmacy and operated a pharmacy before acquiring Daehan Vitamin, the predecessor of Daewoong Pharmaceutical, in 1966, marking his official entry into the pharmaceutical industry. Based on the belief of 'Uiyak Boguk (醫藥報國)'?serving the nation through medicine?he nurtured Daewoong Pharmaceutical into a company dedicated to protecting public health and building a healthy society.

In 1974, the company launched 'Urusa' soft capsules, the first of their kind in Korea, followed by 'Beaaze,' a nationally renowned digestive medicine, in 1988. In 2001, Daewoong succeeded in developing 'EGF (Epidermal Growth Factor),' the first domestic bio-new drug, using purely Korean technology.

Since then, Daewoong Pharmaceutical has established itself as a leading company in domestic pharmaceutical R&D by releasing various products such as the improved combination drug 'OloStar' and the botulinum toxin product 'Nabota.' The company continues to invest nearly 20% of its annual sales in R&D, recently accelerating new drug development with the launch of 'Pexuclu,' the 34th domestically produced new drug for treating gastroesophageal reflux disease.

In 2014, Honorary Chairman Yoon stepped down from active management and donated his shares to establish the 'Seokcheon Nanum Foundation.' Reflecting his commitment to improving quality of life through public health, the foundation conducts various public interest projects to advance medical science in Korea, including awarding outstanding scientists, promoting science popularization, and supporting medical academic conferences.

Survived by Yoon Jae-yong, Yoon Jae-hoon, Yoon Jae-seung, and Yoon Young, Daewoong Pharmaceutical is currently operated under a professional management system, with Yoon Jae-seung serving as the company's Chief Vision Officer (CVO) among the founder's children.

According to the family and company, in accordance with the deceased's wishes, they respectfully decline condolences and floral tributes, and the funeral hall and burial site will not be disclosed. External condolences can be offered through the online memorial hall.