South Korea’s Samsung Group’s pharmaceutical department believes that due to industrial changes caused by the new crown epidemic, the already booming biopharmaceutical market will only become hotter. To this end, the department decided to spend 2 billion US dollars to build the world’s largest pharmaceutical factory, which is expected to be completed in 2022.
This project is called “Super Plant” and is the fourth plant of Samsung Biologics. The factory covers an area of approximately 230,000 square meters, which is larger than the company’s existing three factories combined.
Samsung believes that the new crown epidemic has not only stimulated unprecedented growth in drug demand, but also brought changes to the global pharmaceutical industry. The company’s goal is to seize this opportunity. Rising market demand is beneficial to Samsung Bioproducts, which specializes in the development and production of complex drugs for the treatment of rare diseases.
With the outbreak of the new crown epidemic this year, Samsung Bioproducts’ business has expanded into the treatment of new crown pneumonia. Currently, the company produces biopharmaceuticals for many pharmaceutical giants in the world, including Bristol-Myers Squibb and Roche Holdings.
Samsung Bioproducts CEO Kim Tae-han said that the initial scale of the factory was not large, but after seeing the epidemic, it created a new product category (new coronary pneumonia drugs) and prompted pharmaceutical manufacturers and governments to find new manufacturing. After the source, they promoted a bolder expansion plan.
Kim Taehan also said: “The new crown epidemic brings us not a crisis, but more opportunities.” In the most recent quarter, Samsung Bioproducts’ production orders tripled from the same period last year to US$1.5 billion. The recent deal with GlaxoSmithKline will bring in revenue of US$370 million in the next two years, which is equivalent to 60% of last year’s sales.
Kim Taehan said that Samsung Bioproducts’ current three pharmaceutical factories are achieving maximum utilization faster than expected, and the fourth factory will help meet future demand. Other executives said that they are negotiating with other biopharmaceutical companies to produce antibodies to the new crown pneumonia, but declined to disclose the names of these companies.
Before the outbreak of the new crown epidemic, some pharmaceutical companies were already using the factories of Samsung Biologics and other companies to produce complex therapeutic drugs. When biopharmaceuticals account for a larger proportion of global drug sales, this cooperation will increase. more.
For more such interesting article like this, app/softwares, games, Gadget Reviews, comparisons, troubleshooting guides, listicles, and tips & tricks related to Windows, Android, iOS, and macOS, follow us on Google News, Facebook, Instagram, Twitter, YouTube, and Pinterest.