Fostering as a Next-Generation Core Business Division
Daewoong Pharmaceutical announced on the 22nd that it has entered the biosimilar business and appointed Dr. Seungseo Hong as the Head of the BS Business Division to oversee this sector.
Seungseo Hong, Head of BS Business Division, Daewoong Pharmaceutical. Daewoong Pharmaceutical
Hong has directly led the entire cycle of biosimilar research and development to global commercialization at Celltrion and Celltrion Healthcare from 2002 to 2019. He has proven his execution and leadership in the global market by serving as President of R&D at Celltrion, CEO of Celltrion Healthcare, and CEO of LophiBio. He is currently overseeing Daewoong Pharmaceutical’s biosimilar business.
Daewoong Pharmaceutical plans to actively seek domestic and international partnerships for its antibody biosimilar business. The company aims to expand its development pipeline and, in the long term, enter major markets such as Europe and the United States, preparing to become a global bio company.
Biosimilars are a cost-effective treatment option that can replace high-priced biopharmaceuticals, and the market is rapidly expanding, driven by the expiration of patents and the demand to reduce healthcare costs. According to the global market research firm IMARC Group, the global biosimilar market was valued at 36 trillion won ($26.5 billion) last year and is expected to reach 250 trillion won ($185.1 billion) by 2033.
In particular, biosimilars have a shorter development period and a higher success rate in development and approval compared to new drugs. In addition, with the European Medicines Agency (EMA) releasing a new guideline (Reflection paper) in March of this year that allows approval based solely on quality data and Phase 1 clinical trials without the need for Phase 3 clinical trials, it is now possible to reduce development risks and enhance cost competitiveness.
In line with these trends, Daewoong Pharmaceutical is fostering biosimilars as a next-generation core business. The company plans to rapidly secure global competitiveness based on its existing capabilities in protein drug research and development, production, and commercialization. In addition to its own development capabilities, Daewoong Pharmaceutical aims to achieve higher approval and launch success rates, as well as faster market entry and sales expansion compared to competitors, through close strategic collaboration with domestic and international biosimilar and CDMO companies.
Hong stated, "It is highly significant for Daewoong Pharmaceutical, which has contributed to the health of Koreans for the past 80 years, to take on the challenge of the biosimilar market," adding, "Based on Daewoong Pharmaceutical’s sales network and execution capabilities, we will contribute to providing better treatment accessibility for patients worldwide."
Daewoong Pharmaceutical CEO Park Seongsu said, "Daewoong Pharmaceutical has accumulated experience and global partnership capabilities through the development and commercialization of various formulations, so we will be able to demonstrate differentiated execution not only through in-house development but also through joint development in the biosimilar market." He added, "Our goal is not to settle for short-term results, but to steadily implement mid- to long-term strategies to establish ourselves as a significant player in the global market."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
