April 26, 2024

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[THE INVESTOR] South Korea’s Boryung Pharmaceuticals will step up its push into China in the next five years as part of a wider expansion into global markets where it sees a large part of its future growth. 

The drug maker seeks to diversify its pipeline tailored for the Chinese market, focusing on gastrointestinal diseases treatments and circulatory system drugs, to generate annual sales of 100 billion won (US$87.45 million) won in the country by 2020, the firm’s CEO Choi Tae-hong said during an investors relations meeting held in Seoul on Nov. 3.

“Starting with the establishment of a liaison office in China this year, we will swiftly move to set up an entity to produce medicines and conduct research and development in the nation,” Choi said.

 

Boryung Pharmaceuticals headquarters in Seoul

China is the world’s second largest pharma market after the US and was worth US$115.2 billion in 2015. 

With a strong market share of its hypergastric acidity treatment Gelfos in the country, the firm will seek to boost its footing with Kanarb, an angiotensin receptor blocker drug for high blood pressure and other medical cosmetic products, the CEO said.

In 2014, Boryung singed a US$76 million licensing deal with China’s Harbin Gloria to export Kanarb.

Boryung also pledged to enter major pharma markets including European countries, the US and Japan from 2019. 

By Park Han-na (hnpark@heraldcorp.com)