Mediforum, a pharmaceutical specialized in developing degenerative brain disease treatment, said Thursday it recorded sales of 36.4 billion won ($30.76 million), a hefty increase of 77 percent from 2018.
The company said it also turned around to a net profit of 1.5 billion won in 2019 from the loss of 65 billion won registered in the previous year.
"We had a tough time to improve our bottom lines by investing heavily in improving our production and marketing methods, and our efforts bore fruits last year," CEO Park Jae-hyung said.
Introducing various new products while removing unprofitable items led to an increase in sales and profits, the company said in a press release. It also focused on modifying the distribution system and aggressively launching new products instead of trying to cut costs.
This year's achievement is more meaningful because it is the result of the company’s increased investment in research and development through large-scale clinical trials and the continuous application of patent, it emphasized. Mediforum plans to push ahead with developing new drugs for dementia and expanding investment in the research for degenerative brain disease treatment, it added.