Daewoong sets $745 million sales target for duo of new drugs

Kim Do-young, head of Daewoong Pharmaceutical’s Global Development Center, poses for a photo on Wednesday during the CPHI Worldwide 2023 held in Barcelona. [DAEWOONG PHARMACEUTICAL]

BARCELONA, Spain — Daewoong Pharmaceutical, Korea’s fourth-largest pharmaceutical company in terms of revenue, hopes to achieve $745 million in global sales with its new drugs Fexuclue, a gastroesophageal reflux medication, and Envlo, a diabetes treatment, by 2030.

The announcement was made in Barcelona, where the CPHI Worldwide 2023 is taking place. CPHI is the world’s largest pharmaceutical trade show.

Daewoong, which has participated in the CPHI for the ninth consecutive year, had meetings with some 100 counterparts on the first day of the event,

“We are negotiating with global companies for overseas sales of Fexuclue and Envlo, which also included the U.S. market, and believe that some good results may come forward by the end of this year or early next year,” said Kim Do-young, head of Daewoong’s Global Development Center during a press conference on Wednesday.

Under its latest strategy, Daewoong is pursuing approvals and sales contracts in the overseas markets simultaneously with drug development in order to secure a sufficient patent period for its novel drugs.

A year after Fexuclue’s market release in Korea, Daewoong applied for product approvals in 12 countries and secured approval from four. Fexuclue entered the Philippines in July.

The company also plans to swiftly expand the drug product lineup and indications.

Daewoong began selling Envlo in May and was granted approval for its combination drug EnvloMet. With Fexuclue, Daewoong is expanding its indications to expanding its indications to other digestive diseases such as gastritis.

Moreover, Daewoong hopes to utilize its production capabilities in the global market. The company completed the construction of its Osong Smart Factory in North Chungcheong in 2017. The factory, integrated with AI technology, was certified as achieving Level 4 of Corporate Manufacturing Innovation Capability by the government.

Daewoong recently secured the bGMP, or Brazil Good Manufacturing Practice certification, from Brazil's National Health Surveillance Agency as well.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]