Green Cross Wins Flu Vaccine Export Deal from PAHO

In a bid to supply medicines in the southern hemisphere in 2016, Green Cross, a South Korean biopharmaceutical company, announced on March 9 that it won a contract to supply flu vaccines worth US$32 million (39.7 billion won) from the Pan American Health Organization (PAHO), under the World Health Organization, which is one of the world's largest demand sources of vaccines. The deal marks the largest single flu vaccine export secured by Green Cross since the company started to export its own flu vaccine products in 2010.

With the latest deal, vaccine exports by Green Cross will surpass the US$150 million (182.25 billion won) mark in five years since the first overseas shipment.

The key growth contributor is its world-class technology that gets abreast of other multinational pharmaceutical companies. Green Cross is also showing a rapid growth in winning contracts through bidding on international organization contracts, which account for 7 to 8 percent of the global vaccine market.

Lee Min-Taek, managing director at Green Cross, said, “As the company is currently exporting flu vaccines to around 30 countries, it will expand the global market share further. Under the latest contract, Green Cross will supply flu vaccine products to Central and South America by the first half of this year.”