Successful Completion of Major Project for Expansion of BYNEX Co., Ltd. Busan Headquarters

Busan City Signs MOU for 44.3 Billion KRW Investment... Creating Up to 160 Jobs
Founded 60 Years Ago in Busan as Suncheondang Pharmaceutical, Growing into a KOSDAQ Company in Pharma-Bio Sector
Expanding Existing Manufacturing Facility to Three Times

Perspective view of the new construction of BYNEX Co., Ltd. Busan Plant. [Provided by BYNEX]

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] A major project opening the future of the synthetic pharmaceutical industry in the Busan area has been realized.

Busan City announced on the 28th that it will sign a memorandum of understanding for investment in the expansion of pharmaceutical manufacturing facilities with Vinex Co., Ltd. (CEO Lee Hyuk-jong). This agreement will be conducted in writing.

Through this agreement, Vinex Co., Ltd. will invest 44.3 billion KRW in expanding its headquarters in Jangnim-dong, Saha-gu, Busan, and hire 43 new employees. Local talent will be given hiring priority.

The manufacturing facility to be built on a site adjacent to the headquarters will have a total floor area of 13,897.5㎡, approximately three times larger than the existing manufacturing facility with a total floor area of 4,995㎡.

Once the investment is completed, production capacity is expected to increase by about 250% compared to the existing facility, and storage and shipping capacity by about 300%, establishing a stable supply base.

The manufacturing facility is scheduled to begin construction in January next year and be completed by February 2022, with 43 new employees to be hired. When the manufacturing facility reaches maximum operating capacity in the future, up to 160 additional new employees will be hired.

Vinex Co., Ltd., headquartered in Busan, is a KOSDAQ-listed company, with synthetic pharmaceuticals accounting for 65% of total sales. Since 2009, it has also entered the bio business, a future new growth engine industry, operating two biopharmaceutical production facilities in Songdo, Incheon, and Osong, Chungbuk.

The founding company is ‘Sunchundang Pharmaceutical,’ established in Busan in 1957. It is a local company that has continued the pharmaceutical business based in Busan for over 60 years.

Based on production technology and experience in various synthetic pharmaceuticals, it supplies medicines to domestic and foreign pharmaceutical companies and pharmacies, with steadily growing sales.

The Busan headquarters employs 133 staff, over 95% of whom are local residents, and most of the newly hired personnel are graduates from universities in the Busan area. It is also known as an excellent company based on community growth, actively participating in university student internships and industry-academia cooperation.

During the investment review process, Vinex Co., Ltd. received attractive relocation proposals from other regions, but the investment in Busan was realized due to Busan City's active investment attraction efforts and CEO Lee Hyuk-jong’s commitment to reinvest in the local community.

The pharmaceutical bio industry has maintained a stable growth rate of over 6% annually since 2005. As of 2018, the global market size is approximately 1,400 trillion KRW, and the domestic market size is about 27 trillion KRW, making it a high-growth, high-value-added industry.

This market is more than three times the size of the semiconductor market, where Korea has strengths, and much larger than the combined shipbuilding and automobile markets. In the current situation where all paradigms have changed due to COVID-19, it is expected to maintain growth along with its role as a social safety net and core industry.

Busan City plans to make every effort to attract investment so that many pharmaceutical bio companies like Vinex Co., Ltd. enter Busan, nurturing related industries and talent, and making the pharmaceutical bio industry Busan’s next-generation source of income.

Byun Sung-wan, Acting Mayor of Busan, said, “I am grateful that the local company Vinex Co., Ltd. decided on a large-scale expansion investment during the difficult regional economy due to COVID-19. It is very joyful news, like a Christmas gift.”

Acting Mayor Byun added, “The pharmaceutical bio industry is a promising industry with excellent quality of employment and a considerably high female employment rate.”

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