Daewoong Pharmaceutical Declares Leap to Global Formulation Technology Company... Expanding 'Open Collaboration'

Daewoong Pharmaceutical exterior.

[Asia Economy Reporter Lee Gwan-joo] Daewoong Pharmaceutical has declared its leap toward becoming a global formulation technology company and unveiled a concrete roadmap.

On the 16th, Daewoong Pharmaceutical announced its '2030 Global Formulation No.1' vision, stating that it will focus on promising future formulation technology fields and expand open collaboration with top experts to target the global market in the formulation technology sector.

First, Daewoong Pharmaceutical plans to make focused investments in technology groups that can provide products most needed by customers in the post-COVID-19 changed medical field and pharmaceutical industry in the mid to long term, aiming to advance global formulation achievements by 2030.

As promising future formulation technology fields, the company has selected two areas: ▲Lipid Nanoparticle (LNP) technology ▲new administration route technologies (nasal spray formulations and microneedle technology), and plans to concentrate on technology development in these areas.

In particular, Daewoong Pharmaceutical intends to actively pursue open collaboration not only relying on its own technology, facilities, and capabilities but also with companies that have proven technological feasibility through prior research or possess new indications and technologies.

Meanwhile, in the short term, Daewoong Pharmaceutical will secure a continuous profit base by focusing on its currently held complex, sustained-release, solubilization technologies, and new administration route technologies, and will actively promote technology transfer and product commercialization from Korean-style products to global pharmaceuticals through global improved new drug development.

To this end, following the already established centers in China and India, a new formulation technology research center will be established in Indonesia. Furthermore, the Yongin Research Center, the cradle of Daewoong Pharmaceutical’s formulation research, will attract excellent overseas talents to hone advanced formulation technologies and, based on the learning and experience gained (such as the Daewoong Global DDS Education Program), lay the foundation to participate in the development of optimal pharmaceuticals tailored to each country worldwide and drive industrial growth.

Lee Chang-jae, CEO of Daewoong Pharmaceutical, said, “Daewoong Pharmaceutical continuously develops differentiated products to enhance customer value in the fields of complex, sustained-release, solubilization, and administration route technologies,” adding, “As we move toward the 2030 Global Formulation No.1 vision goal, we plan to actively pursue open collaboration with top experts in each field. We ask for the great interest of formulation technology experts.”

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