GC Green Cross Secures 58 Billion KRW Influenza Vaccine Order from Pan-American Health Organization

GC Green Cross announced on the 20th that it has won a contract worth $44.38 million (approximately 57.9 billion KRW) for influenza vaccines in the 2023 Southern Hemisphere pharmaceutical tender conducted by the Pan American Health Organization (PAHO), a regional office of the World Health Organization (WHO).

GC Green Cross Headquarters. [Photo by GC Green Cross]

The exported vaccines are scheduled to be supplied to Latin American countries during the first half of the year.

GC Green Cross is expanding its global influence annually, led by the PAHO tender market, one of the world's largest vaccine demand sources. Recently, the cumulative production volume of its influenza vaccines surpassed 300 million doses.

The market environment is also positive. According to the global market research firm Evaluate Pharma, the worldwide influenza vaccine market is expected to grow to $7.4 billion by 2025.

The company explained that as the trend of switching to quadrivalent influenza vaccines expands overseas, future sales growth and profitability will gain further momentum. Lee Woo-jin, Head of Global Business Division at GC Green Cross, stated, "We will continue to achieve sustainable growth based on our excellent product quality recognized in the global market."

Meanwhile, GC Green Cross was the second in the world to obtain WHO prequalification (PQ) approval for the quadrivalent influenza vaccine 'GC Flu Quadrivalent' in 2016. With this contract, GC Green Cross has maintained the number one market share for PAHO Southern Hemisphere influenza vaccines for 10 years, from 2014 to the present.