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SEOUL, KOREA- Daewoong Pharmaceutical said on August 1 that it would acquire Liaoning Baifeng, a Shenyang (Liaoning Province)-based manufacturer of drug materials, and invest up to 18 billion won to modernize the latter's facilities. According to Daewoong, it will improve Liaoning Baifeng's drug production process to the level of the EU's good manufacturing practice (GMP) by 2017 and begin production of cephalosporin antibiotics and liquid syrup and suspension there.
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Friday, August 2nd, 2013
The company plans to achieve the sales revenue target of 500 billion won in China within five years. To that end, it will soon transfer technology and management know-how to Liaoning Baifeng. A Daewoong Pharmaceutical official said, "The latest acquisition was part of our global strategy of reverse innovation."
The idea of reverse innovation does not stop at producing and selling drugs locally and goes on to marketing the items in the global market including markets of industrialized countries. Daewoong president Lee Jong-wook said, "Through our reverse innovation strategy, our overseas sales revenue will surpass that of home market by 2020 by aggressively moving toward markets in China, Indonesia, Thailand, the Philippines, and Vietnam."
