Green Cross Targets 1 Tril. Won Annual Sales

SEOUL, KOREA - Green Cross Corp. expects good news to come from the United States and China this year. After three years of R&D effort, Green Cross Corp. expects the effort to pay dividends from this year.

 

The Korean drug company announced that it successfully completed the third clinical test of its newly developed IVIG, a medicine for immune deficiency patients, in the U.S. at the end of last year.

It added that it gained a foothold to launch into the U.S. immune deficiency medicine market that is worth about 5 trillion won per year.Green Cross Corp.sold about the same amount of IVIG in both domestic and emerging markets,including Brazil and the Middle East. The company gained sales of 20 billion won at home but 45 billion won in overseas markets which command higher margins.

Green Cross Corp. aims to achieve 1 trillion won annual sales, first among Korea’s pharmaceutical companies. Its 2013 sales are estimated at around 880 billion won.