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Korea's Kolon Group Seeking to Boost Competitiveness in Pharmaceutical and Biotech Businesses
Through Cooperation with Partners
Korea's Kolon Group Seeking to Boost Competitiveness in Pharmaceutical and Biotech Businesses
  • By Choi Mun-hee
  • August 21, 2018, 12:20
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Lee Woo-suk (left), president of Kolon Pharmaceutical, pose for a commemorative photo with Lee Seung-yoon, head of Abbot Korea's EPD Pharmaceutical Business Division, after signing a business agreement at Gwacheon Headquarters of Kolon Pharmaceutical in Gyeonggi Province.

The Kolon Group is striving to boost its competitiveness in the pharmaceutical and biotechnology business through cooperation with Korean and foreign partners. The group plans to become a mid-sized pharmaceutical company by signing co-promotion agreements with global pharmaceutical companies at home and exporting Invossa overseas.

Kolon Pharmaceuticals announced on August 20 that the company signed a co-promotion agreement on nine products including Klaricid Film Coated Tablets with the Abbot Global Healthcare Group. The contract is worth about 14 billion won.

Klaricid is used to treat peptic ulcers, upper and lower respiratory tract infections, and skin and soft tissue infections caused by mycobacterial infections. Hidrasec is the only pure antidiarrhea against secretion in Korea. The product was first approved in France and is currently available in more than 20 countries including the UK, Germany and Italy. Hokunalin Patch is a drug for asthma.

"Kolon Pharmaceuticals will position itself as a leader by boosting its recognition in the pediatric ethical the counter (ETC) market through this contract," said Lee Woo-suk, president of Kolon Pharmaceuticals. "The ten products in this contract are prescribed not only at pediatric departments at general hospitals and university hospitals but most pediatric clinics across the nation."

In addition, Invossa exports are laying the foundation for Kolon Pharmaceuticals to establish itself as a mid-sized pharmaceutical company. Kolon Life Science recently signed a contract to export 230 billion won (US$207 million) worth of Invossa to the China Life Medical Center and Hainan Province in China over the next five years. Invossa is expected to receive marketing approval in China in 2019.

Kolon Life Science expects sales to reach 57.5 billion won (US$51.7 million) in the first and second years and about 172.7 billion won (US$155.4 million) in the third, fourth and fifth years. Early this month, Invossa surpassed 1,500 treatment cases in the first year since its launch. The company has been making steady contracts with companies from Hong Kong, Macao, Mongolia, Saudi Arabia and the UAE among others.