Green Cross Biotherapeutics (GCBT), a subsidiary of Green Cross, said Tuesday that it has opened Korea’s first biopharmaceutical plant in North America.

The factory, located in Montreal, Canada, is expected to produce a million liters of plasma derivatives, such as IV immunoglobulin ((IVIG) and albumin, annually.

The Canadian plant, built with 220 billion won ($196.3 million) from June 2015, will secure the company’s production base in North America. The Quebec government also agreed to purchase IVIG and albumin produced from the factory for at least eight years.

With the completion of the factory, the company is now poised to become one of the top five plasma derivatives production companies in the world, with its production amount growing to 2.7 million liters.

The factory is expected to stabilize supply and demand of essential blood products and create employment in Canada. Canada imports all of its IVIG and albumin, Green Cross _녹십자 said.

“Since the GCBT plant is the only essential plasma derivative manufacturing facility in Canada, the company expects that it will have an advantage in the market once it becomes fully operational,” said Kim Young-ho _김영호, CEO of GCBT. "It is also worth noting that local patients will now be able to get a stable supply of essential plasma derivatives.”

After going through necessary procedures, the company plans to begin commercial operation by 2020.