InscoBio "Subsidiary Signs MOU with BC World Pharm... Enters Improved New Drug Market"

[Asia Economy Reporter Yoo Hyun-seok] InscoBee's subsidiary is partnering with companies specialized in CDMO (Contract Development and Manufacturing Organization) and CMO (Contract Manufacturing Organization) to expand its business through a new manufacturing source for Apitoxin and to enter the high value-added market of improved new drugs.

InscoBee announced on the 14th that Apimez signed a Memorandum of Understanding (MOU) with BC World Pharm to expand the business of Apitoxin, an anti-inflammatory analgesic for osteoarthritis, and to enter the improved new drug sector.

Apitoxin, based on bee venom, is an osteoarthritis pain treatment approved in 2003 as Korea's first natural product new drug and the sixth domestic new drug by Apimez. Earlier this year, the contract with Guju Pharmaceutical, which had been responsible for the production and sales of Apitoxin, expired, prompting efforts to secure a new manufacturing source. However, due to the high complexity of the production process, difficulties were encountered.

Among pharmaceutical companies engaged in CMO business, BC World Pharm, which possesses excellent freeze-dried vial manufacturing technology, reached a final agreement regarding Apitoxin production. BC World Pharm plans to quickly proceed with procedures such as changing the manufacturing site and transferring production technology for Apitoxin production.

Apimez is also focusing on building a distribution network for Apitoxin sales. During the reproduction preparation period, marketing for Apitoxin will be strengthened targeting orthopedic clinics and Korean medicine clinics, and cooperation with nationwide distributors distributing pharmaceuticals will be enhanced. To this end, a dedicated pharmaceutical distribution organization is also being newly formed.

Furthermore, based on Apimez's specialized R&D capabilities in DDS (Drug Delivery System), cooperation with BC World Pharm will be strengthened in the improved new drug sector.

Improved new drugs refer to pharmaceuticals recognized by the Ministry of Food and Drug Safety as having improved safety, efficacy, and usefulness compared to existing products or having advancement in pharmaceutical technology. This is a high value-added field that many pharmaceutical companies are entering because it significantly reduces the time and cost required for new drug development.

According to the Global Improved New Drug Research and Development Center, among new drugs approved by the U.S. Food and Drug Administration (FDA) in the past 10 years, the approval rate for improved new drugs is about 70%, while the approval rate for new drugs is about 22%.

A company official explained, "We expect to grow into a new cooperation model in the improved new drug field by combining Apimez's formulation and analytical technology with BC World Pharm's production capacity," adding, "We plan to proactively start developing improved new drugs based on Apitoxin."

BC World Pharm, listed on KOSDAQ, secures cash cows through pharmaceutical manufacturing and sales and domestic CDMO·CMO businesses, and invests in research and development and high-quality global production facilities based on this.

Recently, it received an urgent request for COVID-19 medicines from overseas and became the first in Korea to export narcotic injections to Europe. Currently, it is exporting emergency therapeutic medicines to several countries in Latin America and the Middle East. Last year, it signed a business agreement with Chong Kun Dang regarding COVID-19 treatments.

A company official said, "Apitoxin, Korea's sixth domestic new drug, meeting a new manufacturing source will be an opportunity to strengthen capabilities in pharmaceutical distribution," and added, "We will strive to establish formulation research and the improved new drug sector as a new revenue model for the company through aggressive investment."

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