JW Pharmaceutical announced on Nov. 13 that it has launched Euvipharm JSC, a wholly owned subsidiary in Long An Province, Vietnam, in a “New Challenge Day” ceremony.
JW Pharmaceutical signed a deal in September to take over 100 percent of Euvipharm. This is the first time a Korean company acquired 100 percent equity in a Vietnamese pharmaceutical company.
JW Pharmaceutical intends to penetrate “pharmerging” markets such as ASEAN countries with products from Euvipharm.
JW Pharmaceutical will introduce about 50 medicines that can be produced immediately by Euvipharm, including powder injections, tablets, capsules, and eye drops. The company plan to expand the production scale by beefing up production facilities.
In addition, JW Pharmaceutical plans to strengthen its product portfolio by transferring production and quality control technologies, including its differentiated research capabilities. The company is also planning to obtain a certificate from Pharmaceutical Inspection Convention and Pharmaceutical Inspection Cooperation Scheme (PIC/S) and launch a contract manufacturing organization (CMO) project.
Meanwhile, the Vietnamese pharmaceutical market hit about US$4.7 billion in 2016 and expected to touch US$7.4 billion in 2020, according to market researcher Business Monitor International (BMI). Established in 2005, Euvipharm specializes in producing raw materials and drugs through modern facilities and has a production capacity to churn out 1,937 million units of products a year, the highest level in Vietnam.