GC Green Cross Secures $48.91 Million Contract for Influenza Vaccine

GC Green Cross's quadrivalent influenza vaccine 'GCC Flu Quadrivalent' (Photo by GC Green Cross)

[Asia Economy Reporter Chunhee Lee] GC Green Cross has succeeded in securing the largest influenza vaccine export order since its establishment.

GC Green Cross announced on the 13th that it has received a preliminary notification of an influenza vaccine order worth $48.91 million (approximately 57.7 billion KRW) from the Pan American Health Organization (PAHO), a regional office of the World Health Organization (WHO), for next year's Southern Hemisphere pharmaceutical tender. This order is the largest since GC Green Cross qualified for the PAHO tender in 2011, representing a 22% increase compared to this year's export amount of $39.93 million. The ordered vaccines will be supplied to Latin American countries in the first half of next year.

GC Green Cross is expanding its influence in the global vaccine market, spearheaded by the PAHO tender market, one of the world's largest vaccine demand sources. Notably, in the international procurement market, where trivalent influenza vaccine tenders were predominant, the company first supplied domestically produced quadrivalent influenza vaccines in 2019 and has been increasing its market share. Among the current order volume, the proportion of quadrivalent vaccines reaches 24%.

The company expects that as the trend toward quadrivalent vaccine conversion expands, growth will accelerate further with increased sales and improved profitability. According to the global market research firm Evaluate Pharma, the global influenza vaccine market, which was valued at $5.8 billion last year, is expected to grow to $7.4 billion by 2025.

Lee Woo-jin, Head of Global Business Division at GC Green Cross, said, “Considering the market growth potential and the recognition of our products in the global market, greater growth is expected in the future.”

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