The Dream of Building a Pharmaceutical Powerhouse for 48 Years... Pioneer of New Drug Development Passes Away

Chairman Lim Sung-ki of Hanmi Pharm Passes Away

From Dongdaemun Pharmacy to a 10 Trillion Won Pharmaceutical Company
Korean-Style R&D Strategy Differentiation

Chairman Seong-gi Lim, Founder of Hanmi Pharmaceutical Group

[Asia Economy Reporter Cho Hyun-ui] "New drug development is as precious as my life." Lim Seong-gi, chairman of Hanmi Pharmaceutical Group who passed away on the 2nd, is regarded as having made a significant mark in the history of the domestic pharmaceutical industry. He was the figure who instilled the spirit of challenge for new drug development in an industry that had been limited to the production and sale of generics.

Chairman Lim graduated from Chung-Ang University’s College of Pharmacy and opened 'Lim Seong-gi Pharmacy' in Dongdaemun, Seoul in 1967. Shortly after opening the pharmacy, Lim became a well-known figure. The medicines he personally formulated were literally 'fast-acting.' Word of mouth spread, and Lim Seong-gi Pharmacy was bustling with patients.

Although he earned a lot of money, Chairman Lim did not settle for the status quo. At the young age of 33 in 1973, he founded Hanmi Pharmaceutical and challenged himself with pharmaceutical management. For 48 years since then, he nurtured the dream of building a pharmaceutical powerhouse through a 'Korean-style research and development (R&D) strategy.'

Chairman Lim’s consistent strategy was differentiation. He went beyond simply importing and selling foreign drugs and dedicated himself to cultivating new drug development capabilities. By reinvesting profits from generics into the development of improved and innovative new drugs, the so-called 'Korean-style R&D strategy,' he grew Hanmi Pharmaceutical into a pharmaceutical company with sales exceeding 1 trillion won.

Hanmi Pharmaceutical has invested up to 20% of its annual sales in new drug development every year. The failure rate in new drug development exceeds 95%. Clinical development alone requires R&D investments of 100 to 200 billion won. Over the past 20 years, Hanmi Pharmaceutical’s cumulative R&D investment has reached approximately 2 trillion won. Because of this, the company once faced a liquidity crisis, but Chairman Lim pushed forward with determination.

Chairman Lim’s decisions resulted in numerous 'domestic first' records. In 1989, Hanmi Pharmaceutical made the first technology export in the domestic pharmaceutical industry by transferring ceftriaxone manufacturing technology to multinational pharmaceutical company Roche for 6 million dollars (about 7.146 billion won). Then, in 2004, it opened the era of improved new drugs by launching 'Amodipine,' which modified some components of Pfizer’s hypertension drug 'Norvasc.'

He is credited with contributing to the improvement of the domestic pharmaceutical industry, which was once a barren land for new drugs. Since Hanmi Pharmaceutical’s first technology export success in 1989, it has focused on new drugs and combination drugs, securing a series of large contracts in the global market. It is praised for broadening perceptions of new drugs by varying formulations and manufacturing methods. Over the past 10 years, Hanmi Pharmaceutical has made a total of 10 technology exports, with contract values totaling 8.643 trillion won. Notably, in 2015, it struck 'jackpot' deals worth 8 trillion won with multinational pharmaceutical companies such as Eli Lilly, Boehringer Ingelheim, Sanofi, Janssen, and Genentech.

Chairman Lim emphasized during his lifetime, "A pharmaceutical company that does not conduct R&D is a dead company." His spirit instilled confidence in the domestic pharmaceutical industry. After Hanmi Pharmaceutical succeeded in new drug development, a boom in improved and combination new drug development occurred in the domestic pharmaceutical industry, and technology exports became a major revenue model. Chairman Lim’s contribution is also significant in making Hanmi Pharmaceutical’s proactive stance in R&D and sales widely known in the industry. Even while serving as group chairman, he was known for treating frontline doctors responsible for clinical trials with great respect, a story well known in the industry.

Survived by his wife Song Young-sook, sons Lim Jong-yoon and Lim Jong-hoon, and daughter Lim Ju-hyun. The funeral will be held quietly as a family ceremony according to the wishes of the deceased and the family. The location of the funeral hall is undecided. The funeral procession will be held on the morning of the 6th.

This content was produced with the assistance of AI translation services.