Paljinhoe, a senior gathering in the pharmaceutical industry, announced on the 9th that it will conclude its 48-year-long meetings and donate the remaining membership fees to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. Yoon Won-young, Chairman of Ildong Pharmaceutical; Kim Seung-ho, Chairman of Boryung; Won Hee-mok, Chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association; and Lee Jong-ho, Honorary Chairman of JW Choongwae Pharmaceutical (from left) (Photo by Korea Pharmaceutical and Bio-Pharma Manufacturers Association)
[Asia Economy Reporter Lee Chun-hee] Paljinhoe (八進會), a representative senior group in the domestic pharmaceutical industry, has concluded its 48 years of companionship.
On the 10th, the Korea Pharmaceutical and Bio-Pharma Manufacturers Association announced that Paljinhoe held its final meeting the day before at the Shilla Hotel in Jangchung-dong, Seoul, deciding to conclude its activities that had continued for 48 years since its establishment in 1975.
Paljinhoe is a fellowship group formed in 1975 by eight owner-managers of major domestic pharmaceutical companies with the intention of "eight people moving forward together" while supporting the development of the pharmaceutical industry. It was established through the collaboration of Kang Shin-ho, Chairman of Dong-A Socio Holdings; Kim Seung-ho, Chairman of Boryung; Lee Jong-ho, Honorary Chairman of JW Choongwae Pharmaceutical; Yoon Won-young, Chairman of Ildong Pharmaceutical; Yoo Young-sik, former Chairman of Dongsin Pharmaceutical (acquired by SK Chemicals), along with the late Yoon Young-hwan, Chairman of Daewoong Pharmaceutical; Uh Joon-sun, Chairman of Anguk Pharmaceutical; and Heo Eok, Chairman of Sama Pharmaceutical.
The year Paljinhoe was launched, 1975, was a period when the pharmaceutical industry continued to face challenges and growth despite triple hardships such as the oil crisis-induced economic slowdown, high inflation, and worsening international balance of payments. Under the leadership of the first-generation owners of the pharmaceutical companies participating in Paljinhoe up to the present, aggressive research and development and overseas market expansion laid the foundation for the current domestic pharmaceutical and bio industry.
Members of Paljinhoe, including Chairmen Kang Shin-ho, Kim Seung-ho, and Lee Jong-ho, also served as presidents of the Korea Pharmaceutical Association and worked for the development of the industry. Recently, they have faithfully fulfilled advisory roles in the health and medical sectors as senior figures in the pharmaceutical industry.
However, as members aged over time, some passed away or ceased activities due to health issues, ultimately leading to the conclusion of the group.
On the 9th, Chairmen Kim Seung-ho, Yoon Won-young, and Honorary Chairman Lee Jong-ho had lunch with Won Hee-mok, Chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, expressing their intention to conclude Paljinhoe’s activities and donated the remaining membership fees to be used for the development of the pharmaceutical and bio industry. Kim Seung-ho, Chairman of Boryung and the last secretary of Paljinhoe, representing the attendees, said, “The time Paljinhoe has run for the pharmaceutical industry has already reached 48 years. Now that it is difficult to continue the meetings, we ask that the remaining membership fees be used well by the association.”
Chairman Won Hee-mok said, “The footsteps and passion for the industry of Paljinhoe, which can be called the history and living witness of the Korean pharmaceutical industry, have been a great inspiration and stimulus to the younger generation in the pharmaceutical field. We will carry on the will of the senior members of Paljinhoe and continue to do our best for the development of the pharmaceutical and bio industry.”
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