Diagnostic Company PrecisionBio Starts Construction of 2nd Plant... "Up to 4.4 Million Units Annual Production Possible"

[Asia Economy Reporter Chunhee Lee] Precision Bio, an in vitro diagnostics company, announced on the 7th that it will begin construction of its second factory, aiming for completion in the first half of next year to expand production capacity.

Precision Bio plans to build the second factory, consisting of two buildings with a total floor area of approximately 3,000㎡ (900 pyeong), within the Daedeok Technovalley in Daejeon, where its headquarters is located. The target annual production capacity for clinical chemistry cartridges at the second factory is 2.6 million units, which is about 1.45 times the 1.8 million units produced at the existing first factory.

A representative from Precision Bio stated, “The production capacity of the second factory will be introduced in two phases as we confirm sales volume expansion. It is expected that by the second half of next year, the combined production capacity will reach 3 million units annually, with 1.8 million units from the first factory and 1.2 million units from the second factory. If sales volume increases, additional production equipment for 1.4 million units will be added to the second factory, enabling a maximum annual production of up to 4.4 million units.”

Following its entry into the Japanese market with immunodiagnostic products in April, Precision Bio successfully entered the North American clinical chemistry market in July by signing a supply contract for animal clinical chemistry analyzers and cartridges with global animal diagnostics company Antech. Subsequently, in September, the company expanded global sales by entering the Italian pharmacy self-diagnosis market. Starting in the second half of this year, Precision Bio also declared its entry into the digital therapeutics (DTx) business to create synergy by integrating chronic disease diagnosis and treatment in line with the evolving healthcare paradigm.

Kim Hanshin, CEO of Precision Bio, said, “The construction of the second factory is to respond to the increasing global demand expected as diagnostic product demand beyond COVID-19 diagnostics recovers with the transition to endemic. We are preparing for 2023, when the entry of animal clinical chemistry products into the North American market is expected to accelerate, and we will steadily proceed with obtaining U.S. Food and Drug Administration (FDA) approval for human clinical chemistry products to achieve continuous growth.”

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