Ahead of the New Year, Pharmaceutical Industry 'Reshuffling'... Executive Restructuring One After Another

Kwon Se-chang, CEO Leading Hanmi Pharmaceutical R&D, and Vice Chairman Lee Kwan-soon Retire
"Next Year Marks 50th Anniversary... Providing Opportunities for Juniors"

Daewon Pharmaceutical Starts 'Third-Generation Cousin Management'... Baek In-hwan Promoted to President
Former Vice Chairman Eo Jin Returns as Inside Director at Anguk Pharmaceutical

John Rim, President of Samsung Biologics, and Ki Woo-sung, Vice Chairman of Celltrion
Renewal of Term for Professional Managers Expiring Next Year Also in Focus

Former Hanmi Pharm CEO Kwon Se-chang (left) and former Hanmi Pharm Vice Chairman Lee Kwan-soon, who recently decided to retire.

[Asia Economy Reporter Lee Gwanju] Ahead of the New Year, the domestic pharmaceutical and bio industry has embarked on a 'new restructuring.' As management reshuffles are taking place one after another and moves for management succession are gaining momentum, changes in each company are anticipated.

According to the industry on the 14th, Kwon Se-chang, who served as co-CEO of Hanmi Pharmaceutical for six years overseeing new drug research and development (R&D), recently retired and was appointed as an advisor. Former CEO Kwon joined Hanmi Pharmaceutical as a researcher in 1996 and served as head of the research center and R&D chief executive, being regarded as a living witness to Hanmi Pharmaceutical's bio new drug R&D. He contributed to the development of the core platform technology 'LabDiscovery' and led the development of the neutropenia treatment new drug 'Rolontis' (U.S. name Rolvedon), which obtained U.S. Food and Drug Administration (FDA) marketing approval in September this year. Alongside Kwon, Lee Gwan-soon, vice chairman who also led Hanmi Pharmaceutical's R&D, retired from the vice chairman position and was also appointed as an advisor. Former Vice Chairman Lee joined Hanmi Pharmaceutical as a researcher in 1984, became the youngest research director, and served as CEO and vice chairman of Hanmi Pharmaceutical.

The simultaneous retirement of the two leaders who led Hanmi Pharmaceutical's bio new drug R&D is seen by the industry as the beginning of a 'generation change' at Hanmi Pharmaceutical. With its 50th anniversary next year, Hanmi Pharmaceutical is set to accelerate its entry into the global new drug market, including the FDA approval of Rolontis. Considering that former CEO Kwon's original term was until March next year, his retirement is interpreted as somewhat anticipated. A Hanmi Pharmaceutical official explained, "To welcome a new 50 years, the two decided to step down to give opportunities to their juniors to achieve the vision of 'Global Hanmi.'"

Daewon Pharmaceutical has officially started 'third-generation cousin management.' In a recent executive personnel move, Baek In-hwan, eldest son of Chairman Baek Seung-ho and head of the marketing division (executive director), was promoted to president in charge of overall management effective January 1 next year. President Baek is credited with successfully pioneering the over-the-counter (OTC) business area and diversifying into health functional foods, leading the growth of the cold medicine 'Cold Daewon.' Additionally, Baek In-young, son of Baek Seung-yeol, brother of Chairman Baek Seung-ho, was appointed director and will serve as head of the healthcare business division overseeing both consumer healthcare (CHC) and OTC. Although not promoted, his expanded role has led the industry to view this as the full-fledged start of third-generation cousin management.

Baek In-hwan, President of Daewon Pharmaceutical (left), Eojin, former Vice Chairman of Anguk Pharmaceutical.

Ankuk Pharmaceutical plans to bring back Eo Jin, eldest son of the late founder Eo Jun-seon, to the front lines of management. Ankuk Pharmaceutical has submitted a proposal to appoint former vice chairman Eo Jin as an inside director at the upcoming extraordinary shareholders' meeting next month. Eo Jin stepped down as CEO in March and has been laying low since. However, it is uncertain whether he will immediately return as CEO after being appointed as an inside director. He currently faces ongoing trials for illegal rebates and illegal clinical trial charges, carrying 'judicial risks.' In particular, regarding the illegal clinical trial charges, he was sentenced to 10 months imprisonment in the first trial, and the appeal trial is currently underway. This has drawn attention to his future moves after returning, especially as the company achieved a turnaround to profitability this year under a professional management system and showed strong performance.

The reappointment of pharmaceutical and bio company CEOs whose terms expire next year is also a matter of interest. Notable figures include John Lim, CEO of Samsung Biologics, and Ki Woo-sung, vice chairman and CEO of Celltrion. With their terms expiring in March next year, reappointment is highly likely considering their performance. Attention is also focused on whether Sung Seok-je, who has led Jeil Pharmaceutical for 18 years, will be reappointed. If successful, he will surpass former CEO Lee Sung-woo, who served as CEO of Samjin Pharmaceutical for 19 years, becoming the longest-serving professional manager in the pharmaceutical industry.

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