South Korean Samsung continues to expand its pharmaceutical business, investing nearly $ 2 billion in the construction of plant for the production of medicines, which should become the largest of its kind in the world after the completion of works in 2022.
According to The Wall Street Journal, the company is betting on further growth of the biologics market due to changes in the industry related to the coronavirus infection of pandemic.
The plant, called Super Plant, now becomes the fourth Samsung BioLogics Co., biopharmaceutical division of Samsung. Its area will be approximately 230 thousand square meters. Thus, it will be up to three existing businesses combined company, and even slightly exceed the size of the Louvre in Paris.
Samsung aim is to take advantage of the unprecedented growth in demand, provoked by the COVID-19 pandemic, given the trend of increasing drug production in the world, says WSJ.
Samsung BioLogics produce biological agents for some of the world’s largest pharmaceutical companies including Bristol-Myers Squibb Co. (SPi Roche Holding Ltd.
The Head of Unit Kim The-khan told the publication that originally planned that the new plant will be much less, but the coronavirus pandemic has created a new product category – means to treat COVID-19, prompting developers of medicines and national governments to seek new sources of production.
“COVID-19 gives us more opportunities than the crisis,” said Kim The-khan, who has headed Samsung BioLogics since 2011 and reportedly promoted the idea of building a business under Samsung’s leadership.
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