The Samsung chief attended the ceremony for the completion of Samsung Biologics’ fourth drug manufacturing plant in Songdo, Incheon. The plant, which went into operation this month, is the world’s largest biopharmaceutical production plant, with an annual production capacity of 240,000 liters.
Samsung Electronics Vice Chairman Lee Jae-Yong has vowed to invest 7.5 trillion won ($5.2 billion) in the company’s biotechnology firm by 2032 to achieve a “super gap” with its competitors, Samsung Group said Tuesday. Samsung Biologics’ fourth plant in Incheon, 27 kilometers south of Seoul, broke ground in late 2020 and began partial operations earlier this month.
With an area of 210,000 square meters, which will be equal to the size of 29 football fields, it is currently the largest pharmaceutical factory in the world. Samsung invested about 2 trillion won in its construction (about 10 billion yuan). A cost that exceeds the total expenditure of its previous three plants. It is expected to generate an economic effect of 5.7 trillion won and create 27,000 jobs.
The visit was Lee’s first in seven years to Samsung Biologics’ Songdo Bio Campus since he attended the groundbreaking ceremony for its third plant in 2015. During his latest visit, Lee met with the management of Samsung Biologics and Samsung Bioepis. A biosimilar maker, and discussed their medium- and long-term business strategies.
In 2010, Samsung announced that the biopharmaceutical industry was one of five new areas leading the group’s future development. Since then, the company has invested heavily in the field. Samsung Bio, now South Korea’s fourth-largest company by market value, plans to invest another 7.5 trillion won by 2032 to build a second bio complex in Incheon. Where it will build four new factories and build an “innovation center” to Support local bio-startups.
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In addition, Korean tech giant Bioepis, a wholly owned subsidiary of its Biologics, will also expand its biosimilar lineup. The company currently sells six biosimilar products in the market. Most of them are focused on anti-cancer and anti-inflammatory treatments. What they all need to focus on already they are committed to major intractable diseases cure.
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