Bukwang Pharmaceutical announced on the 30th that it has established a Central Nervous System (CNS) Business Division directly under the CEO in preparation for the launch of Latuda, a treatment for schizophrenia and bipolar depression.
The CNS Business Division, composed of specialized sales and marketing teams, is scheduled to begin full-scale activities from the 1st of next month ahead of Latuda's launch in the second half of the year. The division head, reporting directly to CEO Lee Jae-young, will be Senior Executive Director Kim Kyung-min, who has been in charge of Bukwang Pharmaceutical’s business strategy and marketing at the Business Strategy Headquarters. Kim is an expert with over 10 years of experience in CNS sales and marketing at companies such as Eli Lilly and Otsuka Pharmaceutical.
Through the establishment of this division, Bukwang Pharmaceutical plans to significantly expand the small CNS team into a sales department of 25 members, organized into two teams that will conduct sales activities targeting neurologists and psychiatrists nationwide. In particular, the division will reinforce its staff mainly with employees who have prior experience in CNS product sales.
The CNS Business Division will be responsible for a broad range of products in the psychiatric and neurological fields, including treatments for bipolar disorder, antidepressants, schizophrenia, insomnia, and epilepsy. Bukwang Pharmaceutical is placing high expectations on this sector, as CNS product sales grew by 11.4% year-on-year in the first quarter, marking the highest growth rate among its strategic product lines. Currently, Bukwang Pharmaceutical markets CNS-related products such as the antidepressant Ixcel, the insomnia treatment Zaledip, the schizophrenia treatment Ronasen, and the epilepsy treatment Orphil.
Latuda, a treatment for schizophrenia and type 1 bipolar depression, is scheduled for release in the second half of this year. It is already available in 53 countries including the United States and the European Union (EU), generating sales of approximately 2.6 trillion KRW in the North American region as of 2022. The drug offers advantages such as a lower incidence of metabolic side effects?like weight gain, dyslipidemia, and hyperglycemia?that are common with existing atypical antipsychotics, thereby improving patients’ quality of life and enabling normal social functioning. It is also described as an atypical antipsychotic that can be effectively used for bipolar depression patients, whose medication options are very limited.
Kim Kyung-min, head of the CNS Business Division, stated, "Starting from the 1st of next month, we will begin pre-marketing activities for Latuda on-site and initiate sales efforts at all psychiatric and neurological hospitals and clinics. We aim to achieve sales exceeding 30 billion KRW within three years and develop the CNS product line as Bukwang Pharmaceutical’s future growth engine."
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