Exports hit record high every year; maintains No. 1 market share since 2014

A Korean drugmaker is showing brilliant performances in the global flu vaccine market preempted by multinational pharmaceutical companies. Green Cross, which breaks own sales records each year, is its name.

The company’s accumulated exports of flu vaccines have surpassed $200 million this year, six years after it started overseas shipment. Thanks to brisk sales abroad, Green Cross’ annual sales from flu vaccine alone have topped 100 billion won ($89 million) since 2015.

Brisk overseas sales of flu vaccines have pushed up the capacity utilization rate of Green Cross’ plant in Hwasun, South Jeolla Province, to 85 percent.

Green Cross is marking remarkable growth especially in global flu vaccine market preempted by multinational pharmaceutical companies. The company has won orders to provide $37 million, or 41 billion won, worth of flu vaccines, at an open bidding to supply medical supplies to the southern hemisphere in 2017, hosted by Pan American Health Organization (PAHO) under World Health Organization. The order receipts hit a record high since the company began to export its flu vaccines, and marked the increase of more than 15 percent from its export to southern hemisphere nations last year.

Green Cross said its accumulated export order receipts have topped $200 million, for the first time since it began overseas shipment six years ago. The company has maintained the No. 1 position in the market share of flu vaccines in the PAHO bidding market, one of the world’s largest vaccine markets.

Green Cross’ export of flu vaccine to the southern hemisphere where flu season is different from Korea’s is also meaningful in that the company has overcome the limitation of flu vaccine market whose demand varies by season, the company said.

Vaccine makers usually attain yearly sales in the flu season of December-March period, operating plants for only half of a year. However, Green Cross’ flu vaccine plant in Hwasun, South Jeolla Province, shows capacity utilization rate of 85 percent throughout the year.

“The increase in order receipts means we can make a greater contribution to improving healthcare standards in the international community,” a company official said.

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