Daewoong Announces Vision of Joint Growth of Indonesian Health Industry
- Istimewa
VIVA English – On March 27, Daewoong Pharmaceutical announced its commitment to being a flagship company that drives growth in the healthcare industry in Indonesia. This announcement was made at the International Business Cooperation Forum held at Pullman Hotel on March 24.
The event was attended by various government officials, including the Minister of Health Budi Gunadi Sadikin, and Executive Vice President of Daewoong Pharmaceutical Seongsoo Park.
During the forum, Executive Vice President Seongsoo Park presented Daewoong Pharmaceutical's vision for Indonesia, with the theme "Daewoong Indonesia, Growing to Become a Mecca of Bio."
"Seeing that the global pharmaceutical market is growing by 5-6% annually, Indonesia, with the fourth largest human capital in the world, has unparalleled growth potential, so the average growth of pharmaceutical market is estimated at 11.8% over the next five years, said Vice President Park.
Daewoong Pharmaceutical has already established a joint venture with local pharmaceutical company Infion, called Daewoong Infion, to localize pharmaceutical and bio businesses.
The construction of the first biopharmaceutical factory in Indonesia has contributed to the development of the local biopharmaceutical industry, including the transfer of superior technology. Daewoong Pharmaceutical also encourages the localization of the beauty and cosmetic surgery business in Indonesia to generate high added value in the biopharmaceutical industry.
Furthermore, Daewoong Pharmaceutical plans to push for active open collaboration with leading institutions to carry out localized research and development. This strategy involves expanding previous open partnerships with Indonesian universities, aiming to strengthen global R&D capabilities through collaboration with the best local talent.
The company also plans to establish a research institute for Drug Development at the Bandung Institute of Technology, which will strengthen the research base in the bio-chemical field by applying Daewoong coated tablet technology, nucleus technology, and single-coated tablet technology.
Daewoong Pharmaceutical's growth plan for talent development and hospital establishment also includes supporting the currently ongoing DDS Global education program, recruiting the best talent, and providing scholarship support.
Additionally, the company plans to establish a hospital in the field of digestive diseases (chronic diseases) to support knowledge exchange and local platform development.
Overall, Daewoong Pharmaceutical's commitment to growing together with Indonesia's healthcare industry through its core competency localization strategy and various social activities is expected to create a positive economic impact and contribute to the development of the local biopharmaceutical industry into a global bio center.
