Daewoong Pharma launches R&D center in Indonesia
[THE INVESTOR] Daewoong Pharmaceutical said on April 11 it has opened a research center in Indonesia to expand its global network.
Located in the University of Indonesia, the Bio Technology Research Center will serve as a collaborative space where professors and students will develop biologic drugs including epidermal growth factor and growth hormones.
Daewoong Pharmaceutical CEO Jeon Seung-ho (third from left)
“Daewoong will initiate reverse innovation strategy by developing biologic products tailored to the Indonesian market in the plant and R&D center we have built here and export them to developed markets including Korea,” said Daewoong Pharmaceutical CEO Jeon Seung-ho at the center’s opening ceremony on April 6.
Along with China, Indonesia is a key market for Daewoong as it seeks to strengthen its footing in Asian countries to increase its low share of exports, which account for some 10 percent of total sales.
As a part of such efforts, the company set up Daewoong-Infion, a joint venture with Indonesia-based PT. Infion in April 2012. It also built a manufacturing site in Surabaya to produce erythropoietin, somatropin and vaccines.
By Park Han-na (email@example.com)