Global biopharmaceutical company Medytox has decided to build its manufacturing plant in Osong, North Chungcheong Province, and is expected to boost the regional economy.
North Chungcheong Province announced on June 22 that it signed a contract with Medytox at the meeting room in the provincial government building on June 19 to invest in building its new plant in Osong Life Science Complex.
The company is planning to invest a total of 55.6 billion won (US$50.53 million) for five years from this year to 2019. With the building area of 15,328 square meters, it will establish a production facility with a state-of-the-art process system at a 14,725 m2 site within Osong Life Science Complex to manufacture botulinum toxin and filler.
Founded in May 2000, Medytox is a biomedical company that produces medicine and medical technology. Also, it has succeeded in developing botulinum toxin products, which are widely known as Botox, first in the nation and fourth in the world. The company is currently exporting products to about 60 different countries.
Medytox, which has its headquarters and plant in Ochang Science Industry Complex, completed the first plant in Osong in compliance with cGMP and EU GMP guidelines in 2013. With an additional investment this time, the company is planning to expand its share in the global market and strengthen its position as a global biopharmaceutical company.
In particular, the company signed a 390 billion won (US$354.45 million) contract with Allergan, a U.S.-based global pharmaceutical company, in 2013 to export it technologies. It has released liquid botulinum toxin products in the domestic market for the first time last year, after developing it for the first time in the world, having become a global biopharmaceutical company.
At the signing ceremony on the same day, North Chungcheong Governor Lee Si-jong said, “The biomedical industry is one of the strategic industry sectors of the province. By 2020, North Chungcheong Province plans to attract investment of 30 trillion won [US$27.27 billion], to create 400,000 jobs, to increase the employment rate to 72 percent, and to accomplish annual exports of US$20 billion [22 trillion won], raising the regional economy to 4 percent compared with that of the nation.”