DXVX is making a full-scale entry into the Chinese pharmaceutical market by launching Dx&Vx brand antibiotics through its Chinese subsidiary.
Dx&Vx China (Beijing DIWEISI Biological Technology Co., Ltd.) is currently finalizing mutual cooperation on the production and sales of pharmaceuticals through a recent co-branding agreement with a local Chinese pharmaceutical company, aiming for an official product launch in June.
The Chinese pharmaceutical market is the second largest in the world after the United States, with an annual scale of approximately 225.4 trillion KRW. In particular, the Chinese antibiotic market is the largest globally, with an annual scale of about 37 trillion KRW.
The antibiotic to be launched under its own brand is Azithromycin, a drug with excellent efficacy for respiratory diseases. This antibiotic launch marks the starting point of DXVX’s entry into the Chinese healthcare business, and the company plans to expand its portfolio by additionally launching numerous basic pharmaceuticals, best-in-class products (therapeutic substances with differentiated efficacy within the same class), and new drugs in the future.
Behind the entry into the Chinese healthcare business is Lim Jong-yoon, President of Hanmi Pharmaceutical, Beijing, who has led the Chinese business since the early days of Beijing Hanmi Pharmaceutical. Lim Jong-yoon and the key executives of DXVX at that time have already laid the foundation for the growth of Beijing Hanmi Pharmaceutical in the Chinese market through GMP (Good Manufacturing Practice) and GSP (Good Supply Practice) businesses. Additionally, the Kori Group, led by Lim Jong-yoon, has been distributing imported antibiotics from Hanmi Pharmaceutical and GSK across China with an annual scale of 30 billion KRW for the past 15 years.
A company official stated, “We plan to actively utilize the experience and know-how accumulated over a long period in the Chinese market to pioneer the Chinese market through DXVX’s Chinese subsidiary. We are also expanding and reorganizing the sales organization (CSO) to promote the healthcare business in China in earnest.” He added, “We have started composing the pharmaceutical portfolio with basic drugs that have stable demand, and will soon announce additional best-in-class pipelines.”
Meanwhile, DXVX recently appointed Dr. Kim Wan-joo, the first in Korea to develop third-generation cephalosporin antibiotics, as an advisor, and plans to actively promote the selection and development of follow-up pharmaceuticals together with additional recruited experts.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
