AstraZeneca and SK Holdings said they have reached an important milestone in their manufacturing partnership, providing medicines to three million diabetic patients in 98 countries since the two entered into the contract in January 2018.
|AstraZeneca Chairman Leif Johansson (right) and SK Holdings CEO Jang Dong-hyun shake hands during an event celebrating the two companies’ manufacturing partnership, at SK Group headquarters in Jongno-gu, downtown Seoul, on Thursday.|
The partnership has helped SK Holdings to enter the global biopharmaceutical manufacturing market and contributed to the growth of AstraZeneca. The collaboration is worth about $100 million annually.
Under the partnership, SK Biotek, a subsidiary of SK Holdings, has been manufacturing the active pharmaceutical ingredients (API) of AstraZeneca’s diabetes medicines – Forxiga and Onglyza.
Raw materials manufactured in Korea are converted into API at the Swords SK Biotek facility in Dublin, Ireland, which SK Holdings purchased in 2018. AstraZeneca uses the API to manufacture the medicines before shipping them to patients worldwide.
“SK Biotek is a strategic supplier to AstraZeneca, and a good example of Korea’s high-value, high-quality manufacturing,” AstraZeneca Chairman Leif Johansson said. “Since 2018, we have been working successfully together to deliver life-changing medicines that are fueling growth and contributing value to patients and society.”
Johansson stressed that he is proud that AstraZeneca is working with the SK Group to support local innovation and high-value exports, and most importantly, to address unmet medical needs around the world.
SK Holdings CEO Jang Dong-hyun also said, “Since 2018, we have actively sought to create shared social value by supporting the supply of innovative drugs to patients through this partnership between the two companies.”
Going forward, the company will further solidify this partnership through SK Pharmteco, which aims to manufacture API’s for a more diverse array of diseases, Jang added.