SK Plasma Blood Products to Enter Turkish Market
Panoramic view of SK Plasma factory in Andong-si, Gyeongbuk (Photo by SK Plasma)
View original image[Asia Economy Reporter Lee Chun-hee] Blood product company SK Plasma has entered the Turkish market, one of the 'pharmerging markets.'
SK Plasma announced on the 12th that last month, the Turkish Ministry of Health approved the sales of its blood products 'Albumin' and 'LivGamma.' Blood products are medicines for those lacking specific components in their blood. Albumin is a plasma fraction product used for burns, nephrotic syndrome, hypoalbuminemia in the body, hemorrhagic shock, and more, while LivGamma is a plasma fraction product that regulates abnormal immune responses caused by autoimmune diseases.
SK Plasma expects that after going through the drug price listing process, local sales of Albumin and LivGamma will be possible from next year through local partners.
The Turkish pharmaceutical market is considered a leading representative of the 'pharmerging market,' which includes Brazil, Russia, India, and China, and outpaces the growth rate of the global pharmaceutical market. Pharmerging is a compound word of 'pharmacy' and 'emerging,' referring to emerging pharmaceutical markets. It has higher growth potential than developed countries but lower clinical development costs, attracting significant attention from the global pharmaceutical market. In particular, Turkey's blood product market is expected to grow from $388 million (about 556.4 billion KRW) in 2019 to $460 million (about 659.6 billion KRW) this year.
SK Plasma expects to achieve sales of about 70 billion KRW in Turkey over three years from 2023 through LivGamma and Albumin.
Earlier, in January, SK Plasma signed an export contract worth 17.2 billion KRW with Axia Healthcare in the Middle East for Saudi Arabia, Kuwait, and the United Arab Emirates (UAE), followed by a 38.4 billion KRW export contract in February with Kairi in South America for eight countries including Argentina, the Dominican Republic, Venezuela, Guatemala, and Bolivia.
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Kim Yoon-ho, CEO of SK Plasma, said, “The Turkish blood product market has grown nearly 18% in two years, showing rapid growth. We will accelerate our global market expansion, including South America, the Middle East, and Turkey.”
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