April 24, 2024

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[THE INVESTOR] Daewoong Pharmaceutical, Korea’s fourth-largest drug maker by sales, has named a global marketing veteran as its new chief executive to give a fresh breath to the 73-year-old company, which relies heavily on the domestic market. 

Jeon Seung-ho, 42, who was named as co-CEO alongside Yoon Jae-chun on March 23, will reinforce overseas business, an area he has specialized at the firm over the past 18 years. 

Daewoong Pharmaceutical CEO Jeon Seung-ho

“The global business growth has been on track but remains behind compared to the overall global pharmaceutical market,” Jeon said in his inaugural address.

Although the company has seen a strong growth in exports to post 120 billion won (US$111.60 million) last year, compared to 9 billion won in 2012, its overseas sales account for some 12 percent of the total.

Its long-time flagship product liver drug Ursa and botulinum toxin treatment Nabota, which has been recently gaining traction, are primary drivers for foreign markets.

The new CEO affirmed his commitment to achieve “Global 2020 Vision,” set by his predecessor Lee Jong-wook, who headed the company for 12 years.

The mid-term plan is aimed at deviating from the existing business model that relies heavily on the domestic market by creating export networks in 100 countries and making itself one of the top players in the eight countries where it has set up units including Japan and China.

Jeon also pledged to nurture in-house startups to boost its research and development activities. “Many startups that have a young and dynamic culture will be created and fostered by Daewoong,” he said.

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