90-Year Life Leading 'Pharmaceuticals for National Prosperity'... Lee Jong-ho, Honorary Chairman of JW Group, Passes Away (Comprehensive)

Lee Jong-ho, Honorary Chairman of JW Group, passed away from old age at 7:49 a.m. on the 30th of last month. He was 90 years old.

Lee Jong-ho, Honorary Chairman of JW Group.
[Photo by JW Group]

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A JW Group official stated, "Honorary Chairman Lee Jong-ho was hospitalized at Severance Hospital, and his condition rapidly worsened on the previous day (29th). He peacefully passed away surrounded by his family," on the day of the announcement.

Honorary Chairman Lee began actively participating in the management of JW Choongwae Pharmaceutical in 1966 and succeeded in developing 'Lignomycin,' the first synthetic antibiotic in Korea and the second in the world, in 1969. He then succeeded in synthesizing Pivampicillin, regarded as the latest derivative in the penicillin antibiotic field at the time, in 1974, developing 'Pivaroxine' and proving his technological prowess. In recognition of these achievements, he was inaugurated as the 14th Chairman of the Korea Pharmaceutical Association in February 1993.

On February 3, 1987, Lee Jong-ho, Honorary Chairman of JW Group (center), is taking a commemorative photo at the completion ceremony of the automated sap production line project.
[Photo by JW Group]

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Honorary Chairman Lee spared no investment in the IV fluid industry, which can be considered the company's identity. In the 1970s, every time an IV fluid bottle was supplied, the cost was not covered, resulting in losses the more they sold. While contemplating halting production, he said that seeing the hospital lights made him think, "At this very moment, there are lives fading away there, so it doesn't make sense to stop just because it's not profitable," and thus continued production.

In 1997, JW Group succeeded in developing the first Non-PVC IV fluid bag in Korea that did not detect environmental hormones. Then, in 2006, they invested 160 billion KRW to build the world's largest IV fluid factory in Dangjin, Chungnam. At the time, Honorary Chairman Lee mentioned, "When I said I was building an IV fluid production plant in Dangjin with an investment of 160 billion KRW to produce fluids costing about 1,000 KRW each, people called me 'the last fool of our era.'"

Lee Jong-ho, Honorary Chairman of JW Group (second from the left), at the signing ceremony for the establishment of C&C New Drug Research Institute with Japan's Shugaije Pharmaceutical on November 18, 1991.
[Photo by JW Group]

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"When I said I was developing new drugs, a former Minister of Health and Welfare told me, 'Why do you keep spending money on something that won't work?' At that time, I said, 'Who made semiconductors? Wasn't it Koreans?'"

He also devoted efforts to research and development (R&D). The founding spirit was based on the belief that "a pharmaceutical company dealing with life must produce genuine medicines, not just focus on profits." He often expressed the conviction that "profits should come from developing new drugs, not from importing and selling overseas medicines for high margins."

To enhance R&D capabilities, Honorary Chairman Lee established the Central Research Institute in 1983, a time when the concept of new drugs was still vague in Korea. In 1992, he established 'C&C New Drug Research Institute,' Korea's first joint bio-venture, with a 50:50 equity investment with Japan's Chugai Pharmaceutical, which can be considered the precursor to today's open innovation. The institute is currently 100% owned by JW Choongwae Pharmaceutical. In 2000, he established JW Ceriac in Seattle, USA, building a global R&D network.

He also engaged in social contribution projects by donating his personal wealth. In 2011, Honorary Chairman Lee donated 20 billion KRW of his own funds to establish the public interest foundation, Choongwae Academic Welfare Foundation, serving as its chairman to realize corporate social value. The foundation is a public corporation established to support academic research in health and medical fields and assist underprivileged groups. It continues to conduct various social contribution activities, including community volunteer work and housing support projects for basic scientists.

The funeral will be held as a company funeral by JW Group. The funeral hall is prepared in Special Room 1 at Yonsei University Sinchon Funeral Hall. The funeral procession will take place at 7 a.m. on May 3. The burial site is Hoengsan-ri, Jung-myeon, Yeoncheon-gun, Gyeonggi Province.

JW Group stated, "In accordance with the late chairman's humble lifestyle and the wishes of the bereaved family, we respectfully decline condolence money and floral tributes."

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