During Chuseok Holiday, Shin Dong-bin Oversees U.S. Bio Business: “Strengthening Lotte Biologics’ Global Competitiveness”

Shin Dong-bin, Chairman of Lotte Group, traveled to the United States during the Chuseok holiday to review the company’s local bio business.
According to Lotte Group on the 9th, Chairman Shin visited the Lotte Biologics Syracuse Bio Campus in New York on September 5 (local time). After receiving a business update, he inspected the ADC production facility, which began full-scale operations this year. An ADC is a targeted therapy that selectively delivers drugs to specific cells. It is mainly used for cancer treatment, minimizing side effects on healthy cells while eliminating cancer cells.
During the visit, Chairman Shin emphasized, “With the expansion of the ADC production facility, please focus on securing additional orders for ADCs and Contract Development and Manufacturing Organization (CDMO) services, and on strengthening global competitiveness.”
This was Chairman Shin’s first visit to the ADC production facility since it began operations. He was accompanied on-site by James Park, CEO of Lotte Biologics, and Shin Yo-Yeol, Head of Global Strategy at Lotte Biologics.
Recently, the Federal government of the United States announced plans to impose a 100% tariff on imported pharmaceuticals, impacting the domestic bio industry. However, Lotte Biologics is exempt from these tariffs as it operates a plant in Syracuse, New York. Leveraging local production, Lotte Biologics is now working to expand its market share within the United States.
hwlee@fnnews.com Lee Hwan-joo Reporter