Aprogen Selected as Oral Presenter at 2023 BioEurope... "Aiming to Establish a Foothold in the European Market"

Aprogen is laying the foundation for entering the European market by participating in an international bio-related conference.

On the 9th, Aprogen announced that it has been selected as an oral presenter at the 2023 Bio Europe international conference, which will be held in Basel, Switzerland, starting on the 20th. In the presentation scheduled for 11 a.m. on the 21st, Aprogen will introduce its biosimilars and new drug pipeline, as well as present on the CDMO business of Aprogen Biologics' Osong plant.

Aprogen has already received individual meeting requests from more than 100 overseas companies. Due to time constraints, it plans to hold individual meetings with about 30 of these companies. Among the overseas companies scheduled for individual meetings, a significant number are local pharmaceutical companies in Europe specializing in the distribution of biosimilars. Pharmaceutical companies from the United States and Japan have shown interest in Aprogen's degenerative arthritis new drug and immune-oncology bispecific antibody new drug.

According to IQVIA, a market research specialist, the biosimilar market in Europe is rapidly growing, with biosimilars occupying more than 75% of the original drug market. Nevertheless, price competition is becoming more intense, leading pioneering biosimilar companies that previously entrusted sales to existing distribution specialists to switch to direct sales to overcome this challenge. As a result, distribution specialist companies urgently need to secure new supply chains for biosimilar products.

Aprogen judges that the current situation of the European biosimilar market is advantageous for its growth strategy. Leveraging its absolutely low manufacturing costs, the company intends to actively utilize the expertise of local distribution specialist pharmaceutical companies rather than direct sales.

Aprogen expects that participation in Bio Europe will help establish a future sales network in Europe that will drive large-scale sales and profits. A company official stated, “Our products can achieve significant operating profits even while providing sufficient margins to distribution companies,” adding, “If local distribution specialist pharmaceutical companies with sophisticated strategies for marketing and distributing pharmaceuticals tailored to each country's characteristics sell our biosimilar products, which have absolute price competitiveness, we believe that our market share in Europe can grow explosively in the future.”