Latest news with #SeoJung-jin
Korea Herald
15-05-2025
- Business
- Korea Herald
Celltrion unfazed by US policy shifts: chair
Seo sees US pricing overhaul leveling playing field for biosimilars, affirms W5tr target revenue Celltrion Group Chair and founder Seo Jung-jin downplayed concerns over potential fallout from recent US policy and tariff changes, saying the South Korean drugmaker remains on track to meet its annual revenue target of 5 trillion won ($3.58 billion) this year. 'Concerns about the impact of recent US policy and tariff changes have been excessively amplified,' Seo said during an online briefing Thursday. 'We see no effect on our business this year, and even next year, it could be an opportunity rather than a risk.' His remarks come amid mounting investor unease over Washington's efforts to cut drug prices and adopt broader protectionist trade measures. Celltrion shares have fallen 16 percent this year, reflecting wider uncertainty across the sector. In a briefing aimed at addressing those concerns directly, Seo emphasized the company's preparedness to navigate shifting regulatory and trade dynamics. He said that Celltrion faces no immediate fallout from potential sector-specific tariffs, at least through next year. 'Celltrion has already secured inventory covering 15 to 21 months of US-bound supply,' he said. 'Whatever tariff measures are introduced, they won't affect us until the end of next year.' The company manufactures active pharmaceutical ingredients in Korea, while finished products are produced through contract manufacturing organizations in Europe and the US. Its US-bound biosimilars — including Remsima, Herzuma and Truxima — are sold via local partners such as Pfizer. Seo added that Celltrion has secured US-based contract manufacturing capacity for up to 3 million vials, with options to expand to 6 million if needed, providing flexibility to absorb potential tariff shocks. Still, he voiced caution over building an active pharmaceutical ingredients plant in the US. Constructing a 100,000 liter facility would cost about 1.3 trillion won in Korea, but is nearly 2 trillion won in the US, he said. 'We'll make a careful decision on US infrastructure investment once tariff policy becomes clearer, likely by year-end,' Seo said. Seo also said the US push to cut drug prices could ultimately benefit Celltrion. 'US drug prices are undeniably high compared to other countries, but that mainly applies to originator biologics,' he said. 'Celltrion focuses on biosimilars, so we're largely unaffected by pricing pressure.' He blamed inflated drug prices on the complex distribution chain of the US, where pharmacy benefit managers, insurers and wholesalers eat into the margin, creating inefficiencies. Although biosimilars are already sold at discounts of up to 90 percent compared to branded biologics, market penetration remains limited due to entrenched profit-driven intermediaries, he added. 'If the Trump administration simplifies the intermediary distribution system, it would create a more competitive market, one where Celltrion could thrive,' said Seo. While apologizing for the setback from the delayed launch of its new drug Zymfentra, Celltrion's key treatment for autoimmune diseases, in the US, Seo characterized the impact as minor and offset by other product sales. According to Seo, the company aims to expand its portfolio by launching 18 new biosimilar products by 2038, bringing the total to 40, while staying on course to begin clinical trials for 13 new drug candidates — including antibody-drug conjugates and bispecific antibodies — by 2035. Seo reaffirmed the group's full-year target remains intact. 'We're projecting between 4.6 trillion and 5 trillion won,' he said, expressing confidence earnings will rise quarter by quarter, charting a steady upward trajectory. Celltrion reached its target of 3.5 trillion won in revenue last year. Alongside earnings growth, Seo also pledged to boost shareholder returns and investor confidence. 'We will continue to repurchase and cancel treasury shares, with all newly acquired shares to be canceled,' he said, noting the company has already bought and canceled 450 billion won worth this year and plans to purchase up to 700 billion won more if needed. Toward the end, the chairman made a personal appeal to investors, reaffirming his long-term commitment to the company amid challenging times. 'I will do everything in my power to ensure stable and sustainable growth for as long as I live,' said the 67-year-old founder. 'I have no intention of selling this company or any part of my stake and plan to grow it and pass it on to my successors. I have about seven years left, and I intend to devote them entirely to Celltrion.'
Korea Herald
11-04-2025
- Business
- Korea Herald
‘The most humane is the most advanced': Innovate Korea 2025 reimagines AI through a human lens
From biotech to K-pop, leaders across industries explore how AI can amplify human potential From Celltrion Chairman Seo Jung-jin to K-pop star G-Dragon, "Squid Game" star actor Lee Jung-jae and Go legend Lee Se-dol — Innovate Korea 2025 on Wednesday brought together leaders from across industries, connecting them over a single theme: humanity in the age of artificial intelligence. The 4 1/2 hour event unfolded into a festivity of technology and the arts — a stage where innovation itself became a celebration of humanity and connection. Jointly hosted by Herald Media Group, the Korea Advanced Institute of Science and Technology and the National Research Council of Science & Technology, the event drew around 10,000 participants to KAIST's Lyu Keun-chul Sports Complex in Daejeon. Herald Media Group CEO Choi Jin-young delivered the opening remarks, followed by congratulatory speeches from First Vice Minister of Science and ICT Lee Chang-yune and KAIST President Lee Kwang-hyung. Opening the event was a keynote speech from biopharm giant Celltrion founder and Chairman Seo Jung-jin, who spoke about achieving success against the odds. He reflected on his own story of starting the company from scratch 25 years ago, with just 50 million won ($34,500) and five employees, and building it into Korea's largest biopharmaceutical powerhouse. 'You need to be desperate enough to push yourself to the edge of cliff — and whatever it is you do, you have to enjoy it,' Seo told the crowd. 'When someone throws themselves into their work like crazy, the whole world will come looking for them.' Breaking from his prepared remarks, Seo fielded questions from students, where one asked how he had persuaded others of his vision in biopharm without a medical background. Seo's answer was blunt: study relentlessly. "There's more than enough information out there for you to study. If there's something you want to do, just dive in and dig as hard as you can," he said. "If you don't do anything, nothing happens.' Impressed by the student's boldness, Seo handed him his business card — a rare gesture from the self-made billionaire — and pulled him into a quick hug, drawing cheers. The next stage turned the spotlight on culture, with "Squid Game" star and director Lee Jung-jae joining a discussion on the future of Korean content in a technology-saturated world. Lee, also an entrepreneur as chairman of the talent agency Artist Company, argued that Korea's creative strength was forged in an era of scarcity, when technology was underdeveloped, and capital was lacking — yet not imagination. 'Back then, we didn't have enough resources, so we focused on the story itself and the values we wanted to convey,' he said. 'That grit and determination to overcome limits brought us to where we are today.' The challenge now, he said, isn't access to technology — it's using it without losing sight of human emotion. 'Technology is just a tool,' he said. 'What matters is how we merge it with story.' One of the day's most unexpected highlights came from robots, which took center stage between sessions to show off their latest moves. KAIST's robotics club staged a playful reenactment of Squid Game's infamous 'Red Light, Green Light' scene — complete with robots — with Lee gamely joining in to the crowd's delight, briefly bringing the Netflix hit to life on stage. But the day's most powerful moment lighted up when scientist Kim Seung-hwan, who has paraparesis, rose from his wheelchair with the help of the 'WalkOn Suit F1,' a wearable robot co-developed by Angel Robotics and KAIST. The house, which had held its breath while he made several attempts to stand, erupted in applause at his eventual success — a moving testament to the event's theme of technology and human resilience. Kim's performance was a fitting scene for the following talk concert, which was devoted to the idea that extraordinary breakthroughs often emerge from failures. 'Even as a robot-maker, I'm overwhelmed by the speed of AI,' Angel Robotics CEO Kong Kyoung-Chul said, acknowledging the paradox of working at the cutting edge of robotics while worrying about its implications. 'But ironically, the key to surviving in this world lies with humans. We need to come together, harness AI as a tool, and achieve shared goals — not by outpacing machines, but by outthinking them.' Joining the conversation, retired Go master Lee Se-dol — whose landmark 2016 match against Google's AlphaGo marked both the first triumph and the first defeat for humanity against AI — reflected on the personal toll of that moment. 'People say I retired, but honestly, I ran away,' Lee said. AI had irrevocably changed the ancient game, leaving him little choice but to walk away. 'Go used to be about discovering new paths through trial and error,' he said. 'But after AlphaGo, that world collapsed.' Yet for Lee, the game didn't end — it simply moved beyond the board. Earlier this year, he joined Ulsan National Institute of Science and Technology as a professor of engineering and AI, turning what he once saw as failure into his next move. That spirit of creative reinvention — shaping one's path not through victory or defeat, but through resilience and imagination — is, to Lee, the enduring essence of Go itself, even in an age of technology. 'For me, it wasn't winning that mattered for me in playing Go,' he said. 'It was about creating something together with your opponent — learning through mistakes, building a masterpiece together. It's hard. I failed. But I still believe there's meaning in holding on to that value.' Adding bursts of color and energy between the day's conversations were performances that briefly turned the forum into a K-pop showcase. The first to take the stage was KAIST's student dance crew Lunatic, whose high-energy routine brought a flash of youthful sparkle. They were followed by a star-studded lineup of K-pop artists. Drenched in shimmer and swagger, Chungha lit up the stage with electrifying dance hits like 'Stress' and 'Gotta Go.' Singer-rapper Bibi had the crowd swaying in unison with a singalong to her viral hit 'Bam Yang Gang.' And Sunmi, answering the crowd's thunderous cheers, closed her set with an impromptu encore. The day's finale flourished with the appearance of G-Dragon — or, as he was introduced on stage, professor Kwon Ji-yong. It was his first public appearance under the new title since his appointment by KAIST as a visiting professor during Innovate Korea 2024, as part of the school's push into 'enter-tech,' an emerging field exploring the intersection of entertainment and AI. For the 36-year-old, who had spent almost his entire life in music, teaching offered up a new creative frontier. 'I've felt a sense of pressure and responsibility since last year. I wanted to be the first to experiment with new ideas — and share that journey with the public," he said. Long known as an all-round creator involved in every part of his work, Kwon said technology, especially AI, has become an essential tool expanding the boundaries of his creativity, both on and off the stage. "I now think of myself as a medium that connects new technology with the public through art — creating content that makes innovation more approachable and fun. I'm grateful for the opportunity to be part of that journey," said Kwon. To the next generation of scientists and creators, Kwon's advice was simple: stay curious. 'I look for questions, not answers,' he said. 'It's more like exploring than studying — chasing whatever sparks your curiosity or just makes you happy. And if you keep imagining — I can tell you this from experience — there comes a moment when that imagination becomes real. Keep expanding your imagination.' Among the projects unveiled Wednesday was a space-bound music transmission, a milestone born of Kwon's collaboration with KAIST. Following the forum, his latest hit "Home Sweet Home" — a remake of his group Big Bang's 2009 original — was beamed into space via an antenna aboard a next-generation satellite launched on Korea's Nuri rocket. It marked the first time a Korean artist's song had been transmitted from Earth into space using a ground-based satellite antenna. 'Personally, it feels like I'm sending the song back to where it belongs,' the musician said. 'It's a song filled with nostalgia for me, which makes this moment even more special. It still feels very surreal. I hope it finds its home safely.' He also premiered an AI-generated music video for the song during the session, created using OpenAI's text-to-video platform, Sora. Now in its ninth year, Innovate Korea has grown into one of the nation's largest annual technology and science forums, bringing together enthusiasts from all walks of life — from scholars and scientists to entrepreneurs, government officials and students.
