Daewoong Pharmaceutical to Enter Global Biosimilar Market

[Financial News] Daewoong Pharmaceutical plans to take the biosimilar business as a new growth engine and actively strengthen cooperation with domestic and overseas partners. Daewoong Pharmaceutical announced on the 22nd that it is entering the biosimilar business and has appointed Dr. Hong Seung-seo as the head of the BS Business Division to oversee this sector.
Daewoong Pharmaceutical plans to actively seek domestic and international partnerships for the biosimilar business of antibody drugs, expand its development items, and prepare to enter major markets such as Europe and the United States in the long term, aiming to leap into a global bio company.
Biosimilars are rational treatment options that can replace expensive biopharmaceuticals, and the market is rapidly expanding, centered on the demand for patent-expired items and medical cost reduction. According to the global market research firm Insight Market Research Consulting Group (IMARC Group), the global biosimilar market size was 36 trillion won (26.5 billion dollars) last year and is expected to reach 250 trillion won (185.1 billion dollars) by 2033.
In particular, biosimilars have a shorter development period and a higher success rate for development and approval compared to new drugs. Also, with the new guidelines of the European Medicines Agency (EMA), announced in March this year, which allow approval with only quality data and phase 1 clinical trials without phase 3 clinical trials, it is analyzed that it has become possible to reduce development risks and increase cost competitiveness.
Daewoong Pharmaceutical is nurturing biosimilars as a next-generation core business group in this trend and plans to quickly secure global competitiveness based on its existing capabilities in protein drug research and development, production, and commercialization.
In addition to its own development capabilities, it plans to promote high approval and launch success rates, rapid market entry, and sales expansion compared to competitors through close strategic cooperation with domestic and overseas biosimilar and CDMO companies.
Along with entering the biosimilar business, Daewoong Pharmaceutical has recruited experts with rich global experience to acquire competitiveness that can lead the market. Daewoong Pharmaceutical has appointed Dr. Hong Seung-seo, who has nearly 20 years of experience in the biosimilar field, as the head of the BS Business Division.
Dr. Hong led the entire cycle from research and development to global commercialization of biosimilars at Celltrion and Celltrion Healthcare from 2002 to 2019.
He has proven his execution and leadership in the global market, having served as the head of research at Celltrion, CEO of Celltrion Healthcare, and CEO of Lophi Bio. He is currently overseeing the biosimilar business at Daewoong Pharmaceutical.
Dr. Hong said, "It is very meaningful for Daewoong Pharmaceutical, which has contributed to the health improvement of Koreans for the past 80 years, to challenge the biosimilar market," and "Biosimilars can play a very important role in creating a medical environment where anyone can receive treatment. Based on Daewoong Pharmaceutical's sales network and execution power, I will contribute to providing better treatment accessibility to patients worldwide."
Park Seong-su, CEO of Daewoong Pharmaceutical, said, "Daewoong Pharmaceutical has accumulated experience and global partnership capabilities through the development and commercialization of various formulations, so it will be able to demonstrate differentiated execution power in the biosimilar market through not only its own development but also joint development," and "We plan to steadily implement a mid- to long-term strategy with the goal of establishing itself as a meaningful player in the global market, not just short-term achievements."

vrdw88@fnnews.com Kang Joong-mo Reporter