Ex-Celltrion veteran to head Daewoong's new biosimilar division
Daewoong Pharmaceutical said Tuesday that it has decided to launch a biosimilar business as the Korean traditional drug maker looks for new growth engines.
Daewoong named Hong Seung-suh -- who led biosimilar R&D and global commercialization at Celltrion between 2002 and 2019, and has nearly 20 years of experience in the field -- as the head of its biosimilar business division.
'It's very meaningful that Daewoong Pharmaceutical, which has contributed to improving the health of Koreans over the last 80 years, is entering the biosimilar market,' said Hong.
'Biosimilar is a sector that can play a very important role in creating a medical environment in which anyone can receive treatment. Based on Daewoong Pharmaceutical's sales network and driving force, we will contribute to offering better accessibility to treatment for all patients in the world.'
Biosimilar products, which are biologic medicines very similar to already approved reference biologics, are considered more affordable treatment options that can replace pricier drugs. As biosimilar products usually have shorter development periods and higher chances of approval compared to new drugs, they tend to reduce risk while bolstering cost competitiveness.
According to global market analysts at IMARC Group, the global biosimilar market reached $26.5 billion last year and is expected to hit $185.1 billion by 2033.
For its biosimilar business, Daewoong plans to not only strengthen its own development capabilities but also actively seek strategic partnerships both in Korea and overseas with other biosimilar players and contract development and manufacturing organizations, or CDMOs, as the drug maker aims to expand its product portfolio and enter major markets such as Europe and the United States in the long term to transform into a global bio company.
'As Daewoong Pharmaceutical boasts experience learned from developing a variety of medicines and commercializing them, and thanks to our global partnership capabilities, we will be able to demonstrate our distinctive ability to take action through not only self-development but also co-development in the biosimilar market,' said Park Seong-soo, CEO of Daewoong Pharmaceutical.
'Instead of being satisfied with short-term achievements, we plan to carry out our mid- to long-term strategies step-by-step with the goal of becoming an impactful player in the global market.'
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Lily, who asked to be identified only by her English name, also juggles multiple side hustles. In her 30s, she has tried blogging, food delivery on foot and leading online group activities like book clubs through platforms such as Trevari. 'When I saw people earn a lot of money through stocks and coins, I always regretted not doing the same,' she said. 'But I don't have the courage to take that kind of risk. So I began having side jobs.' 'My main job is stable, but wage increases are minimal. Instead of switching jobs, I started side hustles,' she said. Career transition Some also take on side jobs to safely transition from an unsatisfying main occupation to another job they truly enjoy. A 37-year-old engineer at one of Korea's top conglomerates — who writes under the pseudonym Amtun on the blogging platform Brunch — has tried several side hustles over the years. 'I worked really hard, but one day I had a reality check,' she said. 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