Yuhan establishes a subsidiary in AustraliaYuhan, Korea’s largest pharmaceutical company by revenue, set up an office in Australia as part of its “open innovation” strategy.
The company invested 2 billion won ($1.65 million) to form the Australian corporation there in June under the name Yuhan ANZ, a Yuhan spokesperson confirmed Wednesday.
“The aim of the Australian corporation is to support global clinical tests and expand pipelines,” he said, adding that no further details are available.
According to the Korea Trade-Investment Promotion Agency, the Australian pharmaceutical market is expected to reach 14.8 billion Australian dollars ($9.9 billion) in size by 2022 from 11.9 billion Australian dollars in 2017. The agency believes the regional market is growing as demand for treatments of chronic illnesses is rising due to the aging population.
Expansion to Australia is the latest Yuhan initiative to target global market, as Korea’s oldest and largest pharmaceutical company has maintained a rather narrow business base until recently.
“Yuhan is transforming into a R&D-centered global pharmaceutical company inventing innovative drugs,” said Yuhan CEO Lee Jung-hee while celebrating the company’s 93rd birthday in June.
“With hopes to develop into a global company that aids humanity’s health and happy lives with innovative new drugs and new businesses, we have to start our challenge right here toward becoming a global company with 100 years of history.”
Last year, the company set up a U.S. subsidiary Yuhan USA, opening offices in San Diego and Boston. The pharmaceutical company has also opened branches in Vietnam, China and Uzbekistan.
BY SONG KYOUNG-SON, KO JUN-TAE [firstname.lastname@example.org]