To Get Closer to Major Customers
Samsung Biologics will push for the construction of its first factories in the United States and Europe, foreign media outlets reported.
Samsung Biologics saw its sales soar 35 percent in 2021 amid the COVID-19 pandemic, according to a report by the Financial Times (FT) on March 21.
Samsung Biologics CEO John Rim said in an interview with the paper that the company wants to build factories in the United States and Europe to get closer to major customers. He said that the company could diversify its product portfolio in a short period of time thanks to the pandemic and can now compete with its rivals -- Lonza Group of Switzerland and Boehringer Ingelheim of Germany.
Rim added that biosimilars are penetrating Europe faster than the United States because they are cheaper than famous brand products. In the United States, he said, patents and price issues are complicated, but the U.S. market will change because all medical systems around the world are under pressure to reduce costs and make medical systems more available to patients. Rim stressed that Samsung Biologics urgently needs to build factories in the United States and Europe.