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Daewoong Pharm Sets Up First R&D Center in Hyderabad

Monday, December 2nd, 2013
phito
The South Korea company Dae­woong Pharmaceutical set up its very first R&D center based in Hyderabad in 2008. In the history of India-Korean coop­eration in the pharmaceutical sector, it was also the first such undertaking in terms of collaborations and co-marketing of com­modities as well.
According to Daewoong GM, Dong Hyun Cho, they are the first South Korean phar­maceutical firm to penetrate the market of India with the intent of globalization. The major activities of Daewoong in India con­sist of partnerships with Indian firms for in-licensing and out-licensing pharmaceutical commodities.
Daewoong Pharmaceutical Co., Ltd. is a large-scale drug manufacturing and distri­bution firm having the largest prescription drug sales in South Korea. The product of­fering of the company includes drugs in the forms of sprays, liquids, tabs, ointments, capsules and injections. It offers products for a variety of therapeutic conditions such as bone and joint disease, cardiovascular, gastrointestinal, dermatology, infections, healthcare, central nervous system, meta­bolic disease and oncology. The company holds a chief presence over Asian markets that include China, Indonesia, Vietnam, In­dia and Thailand. Daewoong penetrated the Indian market with the mission of acquir­ing active pharmaceutical ingredients and conducting activities on contract research.
Cho said that they aim to be a leading company in the wound-healing category. He also added that the company plans to have the portfolio expanded from Easyef, a wound-curing agent, to products covering the whole process of wound healing.
Cho announced that they have collabo­rated in partnership with leading Indian pharmaceutical companies for in-licensing and out-licensing of pharmaceutical prod­ucts, and they are in the final discussions with some of the premier pharma-firms to take products to the South Korean market. He also added that they are in initial discus­sions with several Indian research institutes such as CRO and other pharmaceutical com­panies for partnerships.
He also added that Daewoong is current­ly in the phase of R&D setup with a team of twenty employees. The company has also projected to add fifteen employees in vari­ous fields per year.
On March 25, 2012, Indian Prime Min­ister Manmohan Singh met with South Korean President Lee Myung-bak in Seoul. The two issued a mutual post-meeting state­ment in which they agreed to establish a bi­lateral trade target of US$40 billion by 2015.
Singh put emphasis on the appeal of balanced relations in trade, which would make possible a long-term growth rate. The two leaders agreed that they would explore forward-looking and constructive means to ease access in the market to each others’ services and products. Singh repeated that the Indian nation was expectant of giving ROK agricultural and pharmaceuticals prod­ucts and IT-enabled services.
Singh and Myung-bak are anticipating better India-Korean cooperation in pharma­ceutical in the coming years. They also en­couraged CEPA to further its strategic part­nership techniques and efforts in order to sustain the continuous growth and progress of the two nations in relation to the phar­maceutical industry.
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