Dr. Hong, a biosimilar specialist with two decades at Celltrion, where he directed research, development, and commercialization programs, will spearhead Daewoong's effort to capture market share in the rapidly growing global biosimilar sector. Industry analysts project the market will expand from $30 billion in 2024 to $208 billion by 2033, fueled by streamlined development pathways and improved regulatory approval rates compared with novel biologics.
Recent revisions to European Medicines Agency guidelines have lowered development risks while improving cost advantages, making biosimilars increasingly attractive to manufacturers. Daewoong intends to capitalize on its established distribution network and marketing infrastructure, combined with partnerships involving domestic and international biotechnology firms and contract development and manufacturing organizations, to accelerate market entry and revenue growth.
Daewoong CEO Sung-Soo Park highlighted the company's goal of establishing a substantial presence in international markets through internal development programs and strategic alliances. "We are systematically implementing our medium- to long-term strategy to position Daewoong as a major competitor in the biosimilar sector," Park said.
The company's initiatives are based at its Yongin Research Center, which serves as the focal point for pharmaceutical development.
Kim Kuk Ju, HEALTH IN NEWS TEAM
press@hinews.co.kr
