JW Pharmaceutical said that it has formally launched Euvipharm Joint Stock Company in Vietnam as part of its strategy to target pharmerging markets. Pharmerging market refers to countries with emerging pharmaceutical markets that have high growth potential and low clinical development costs.
|JW Group Chairman Lee Kyung-ha (eighth from left) and other executives and employees launched Euvipharm Joint Stock Company in Long An Province, Vietnam, on Wednesday|
The company acquired a 100 percent share of the Vietnamese company in September and appointed Yang Kil-choon as its new CEO.
"While Korean companies acquired equity shares of Vietnamese pharmaceutical companies or built a plant in the country, this is the first time that a Korean company takes over the entire equity of a Vietnamese pharmaceutical company and operates it directly," JW Pharmaceutical said.
Euvipharm, founded in 2005, operates a pharmaceutical plant with modern production facilities. Valeant, Canada's largest pharmaceutical company, took it over in 2013.
The Vietnamese company's plant, which has a total floor area of 35,000 square meters, is the largest in Vietnam and received good manufacturing practice approval from the World Health Organization. The factory can produce 1.93 billion medicines annually.
JW Pharmaceutical plans to release about 50 medicines Euvipharm can produce immediately, including powder injections, tablets, capsules, and eye drops.
The company also plans to expand the production scale by supplementing facilities and changing product licenses, and reinforce the company's portfolio by transferring production and quality control technologies, including JW's differentiated formulation research capabilities, to Euvipharm.
Besides, it will apply for a pharmaceutical inspection co-operation scheme (PIC/S) certification, and conduct a contract manufacturing organization (CMO) business.
"We will spare no investment and support toward Euvipharm so that it can become a major pharmaceutical company that contributes to Vietnam's healthcare industry," JW Group Chairman Lee Kyung-ha said. "Based on it, we expect to achieve good results in other ASEAN and pharmerging markets."