Biopharmaceuticals Production Groundbreaking Ceremony for Samsung BioLogics' new Biopharmaceuticals Production
Samsung's new Joint-Venture with Quintiles Transnational is about to bear fruit: on May 27th a groundbreaking ceremony for a biopharmaceutical manufacturing plant in the free economic zone at Incheon, Korea, was held.
Seoul/Korea – The venture Samsung BioLogics, announced the construction of a new facility with a cell culture capacity of 30,000 liters with an investment volume of 330 billion won (about US $303 million). The partnership with Quintiles Transnational, a global supplier of integrated pharmaceutical services, came to be after Samsung identified biopharamaceuticals as one of it's new strategic businesses in 2010, anouncing long-term plans to invest about 2.1 trillion won for the developement of biopharamceuticals.
A correeponding agreement with Quintiles was signed this February. Samsung expects synergetic effeccts from its Samsung Medical Center research chain and Smsungs Electronic's medical equipment business.
The new facility of Samsung Biologigs at Incheon is expected to start production early in 2013 after the completion of construction works by the end of 2012. Apart from the contract manufacturing of biopharmaceuticals, Samsung plans to develop biosimilar products becoming eventually a producer of biopharmaceutical drugs of its own, the company says.
Market forecasts by IMARC expect the sales of biopharmaceuticals to reach about US $167 billion by 2015. Biopharmaceuticals often combine high potency and a strong ability to attack targets. "Our goal is supplying quality biopharmaceutical drugs that will help treat patients suffering from cancer and arthritis as well as diseases such as multiple sclerosis and psoriasis," said Tae-han Kim, head of the venture.
BioLogics expect the Joint venture to employ some additional 300 new positions at Incheon.
"One of the big challenges in biopharmaceuticals is quality control. The business also requires a talented pool of R&D personnel and competitive production facility. Samsung’s strength in manufacturing and focus on quality will be assets in this industry," said Tae-han Kim, Executive Vice President in charge of Samsung’s new business development, at the announcement of the Samsung/Quintiles joint-venture in February.