Boryung Holdings said that it has established a subsidiary, Hayan Health Networks, in San Francisco, Calif. It also named Choi Sung-won, director of Boryung Pharmaceutical's global business division, as the CEO of the U.S. offshoot.
The company set up the U.S. subsidiary to review and strengthen strategic alliances and cooperation projects with its other subsidiaries, such as Boryung Pharmaceutical, Boryung Biopharma, and Boryung Consumer, by building networks and accumulating data with multinational pharmaceutical companies, investors, and early-stage R&D companies.
"Information and networks are vital to the competitiveness of the bio-healthcare industry, where the boundaries between AI and digital disappear and speed becomes important," CEO Choi said. "The establishment of the subsidiary is the first step to help Boryung Holdings enter the world's largest pharmaceutical market."
The establishment of a U.S. subsidiary will help the headquarter office increase investment efficiency and strengthen R&D cooperation with local partners, he added.