GeoYoung, the number one pharmaceutical distribution company in Korea, announced on the 13th that it has completed the Fair Trade Commission's approval for acquiring a 25% stake in Baekje Pharmaceutical, the second-largest company in the same industry.
The largest-scale GeoYoung Cheonan Hub Logistics Center in Korea equipped with cold chain facilities and automation systems [Photo by GeoYoung]
Founded in 2002, GeoYoung has grown into the top company in sales among domestic pharmaceutical and bio-related companies, securing 80% of pharmacies in Korea as clients. Last year's sales alone reached 4.2 trillion KRW on a consolidated basis.
GeoYoung was the first in the industry to establish a large automated logistics center and has achieved economies of scale through active mergers and acquisitions. It also developed and distributed the industry's first 'pharmaceutical web ordering system' and contributes to improving pharmacy operation efficiency through IT services.
A company representative stated, "The innovative GeoYoung and the traditional Baekje Pharmaceutical will leverage each other's strengths to create synergy in their business," adding, "This collaboration between the two companies will be an important turning point for strengthening the competitiveness and advancing the business of the entire domestic pharmaceutical distribution industry."
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