On the 24th, at the Ambassador Pullman Hotel in Jung-gu, Seoul, Budi Gunadi Sadikin, Minister of Health of Indonesia (far left), and Park Sung-soo, Vice President of Daewoong Pharmaceutical (far right), are discussing the mutual growth of the pharmaceutical and bio industries between the two countries at the "50th Anniversary of Diplomatic Relations Korea-Indonesia Economic Cooperation Forum." Photo by Daewoong Pharmaceutical
Daewoong Pharmaceutical announced on the 28th that on the 24th, Park Sung-soo, Vice President of Daewoong Pharmaceutical, participated as a key speaker at the ‘50th Anniversary of Diplomatic Relations Korea-Indonesia Economic Cooperation Forum’ held at the Ambassador Pullman Hotel in Jung-gu, Seoul, where he presented Daewoong Pharmaceutical’s successful business cases in Indonesia and future vision.
The event was attended by key government officials and business leaders from both countries, including Won Hee-ryong, Minister of Land, Infrastructure and Transport, Ban Ki-sung, Vice Minister of Strategy and Finance from Korea, and from Indonesia, Budi Gunadi Sadikin, Minister of Health, Luhut Binsar Pandjaitan, Coordinating Minister for Maritime and Investment Affairs, and Gandhi Sulistiyanto, Ambassador of Indonesia to Korea. Discussions focused on strengthening the partnership between Korea and Indonesia and cooperation in healthcare.
Minister Budi of Health stated, "As Indonesia’s medical infrastructure requires improvement, we will review regulatory reforms related to the pharmaceutical and bio industries to accelerate hospital and various medical infrastructure expansion projects," adding, "We expect to find solutions for expanding medical infrastructure through active investment in the pharmaceutical and bio industries and cooperation with Korea."
At the forum, Daewoong Pharmaceutical’s Vice President Park Sung-soo delivered a presentation titled ‘Daewoong Indonesia, Growing into a Bio Mecca,’ sharing success stories of Daewoong Pharmaceutical’s co-growth in Indonesia and its future vision. Vice President Park said, “While the global pharmaceutical market grows annually by 5-6%, Indonesia, with the world’s 4th largest abundant human resources, is expected to have an average pharmaceutical market growth rate of 11.8% over the next five years, showing outstanding growth potential.” He added, “We will further advance our localization strategy, which has been pursued for over 10 years, to co-grow so that Indonesia’s pharmaceutical and bio industry can develop into a global bio hub.”
Vice President Park cited the reasons for Daewoong Pharmaceutical’s growth in Indonesia as ▲ active cooperation with local companies such as joint ventures ▲ localization across all areas including research, development, production, and sales ▲ investment in active talent development ▲ development of specialized businesses such as medical aesthetics and cell therapy products, referring to this as the ‘localization strategy of core competencies.’ In 2012, Daewoong Pharmaceutical established a joint venture, Daewoong Infion, with local pharmaceutical company Infion to localize pharmaceutical and bio businesses. By building Indonesia’s first biopharmaceutical factory, it contributed to the development of the local biopharmaceutical industry through technology transfer and laid the foundation for direct operation in research and development, production, and sales. Additionally, ‘Epodyon,’ an erythropoietin product produced locally since 2017, has maintained the number one market share in Indonesia, and after obtaining halal certification in 2020, it has led the overseas expansion of locally produced items.
Daewoong Pharmaceutical is also promoting open collaboration for localization of research and development (R&D). The scale is five times larger than previous open collaborations, aiming to strengthen global R&D capabilities through cooperation with excellent local talent. In particular, the formulation research institute at Bandung Institute of Technology (ITB), which signed an MOU last September and is scheduled to open this year, will establish a research foundation by integrating Daewoong Pharmaceutical’s cutting-edge formulation technologies such as bilayer tablet technology, core tablet technology, and monolayer tablet technology.
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