April 19, 2024

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[THE INVESTOR] GC Pharma, a Korean pharmaceutical company, said on Aug. 22 it has set up a local company in Brazil to make further inroads into the South American market. GC Pharma invested 534 million won (US$477,600) for the Brazil unit.

The new unit is expected to give an impetus to the company’s business in blood products in the South American market which has been delivering high growth in recent years.

Last year, the drug maker won the Brazil government’s tender to provide its IVIG-SN, human normal immunoglobulin G for intravenous administration, worth US$42.9 million. It was the largest single contract ever awarded for the firm’s blood products, it said.

“The immunoglobulin product holds a dominant market share in both the public and private sector markets in Brazil,” a company official said.

GC Pharma plans to search for new business opportunities in South America going forward while first focusing on the Brazilian market to create opportunities.

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