Huons Group solidifies global presence in 2023

Guest Reports

Published: 26 Dec. 2023, 17:43

Huons Group solidifies global presence in 2023

Huons’ second plant in Jaechun was completed this year to meet the escalating demands for production lines. [HUONS]

Huons Group is solidifying its global presence as it continues to achieve its highest performance.

Huons Global, the holdings company of Huons Group, has seen a record breaking 6.664 billion won ($5.1 million) in business profit, a 16 percent increase on year.

Huons’ double-digit growth continued from 2020 even amid the Covid-19 blow, which is largely attributed to the company’s expansion in the North American market.

Profits from the sales of anesthetic drugs, the group’s main export item, jumped by 40 percent, leading the way in drug sales. Notably, the U.S. Food and Drug Administration (FDA) approved Lidocaine local anesthetic, which logged 123 billion won in annual sales in 2022 and is expected to double its total sales this year in the United States.

In Canada, Huons is poised to make strides as its Lidocaine products have received approval from the Canadian government, further propelling the company's expansion in North America.

Against this back drop, Huons is ramping up its production line to meet the escalating demands.

Once the construction of production lines in Jaechun is complete, the company is expected to attain a production capacity three times larger than it is now for the new Vial line and cartridge injection.

Furthermore, the Jecheon plant receiving the Good Manufacturing Practice certification from the Korean FDA will lead to a 48 percent increase in the production capacity for ophthalmic solutions.

The company also plans to expand into the aesthetics sector.

Hu M&C, which specializes in producing cosmetic raw materials, aims to grow as a total health care solution company covering cosmetics, pharmaceuticals and medical supplies.

To meet the increasing demand for cosmetic injectables, Hu M&C plans to establish a 4,500- square-meter (48,400-square-foot) medical container production facility in Thai Binh, Vietnam.

Benefiting from low labor costs and abundant manpower, the Vietnamese factory, close to the port, is expected to enhance the company's competitiveness.

BY KIM SU-HYEON [kim.suhyeon4@joongang.co.kr]