Daewoong Pharmaceutical announced on February 13 that its local subsidiary, Daewoong Biologics Indonesia, has obtained a Stem Cell Lab Operational License from the Indonesian Ministry of Health.
The stem cell lab operation license is a permit for facilities that research and produce stem cells. The Indonesian Ministry of Health (MOH) and Badan Pengawas Obat dan Makanan (BPOM) will approve the license after verifying competency in all aspects of the process, including hygiene, safety, and quality control, and conducting on-site due diligence.
Stem cells are cells that can differentiate into all kinds of cells and replicate themselves, and are essential for regenerating damaged human tissues or organs.
With the acquisition of the stem cell lab operation license, Daewoong Pharmaceutical will be able to handle stem cells, the core of its regenerative medicine business, locally.
Indonesia's healthcare industry is growing rapidly. The Indonesian pharmaceutical market is expected to reach KRW 13 trillion in 2022 and reach KRW 18 trillion by 2026. This is due to Indonesia's growing population and rapid aging, which is leading to an increase in incurable diseases such as cancer and degenerative brain diseases.
Through its local subsidiary, Daewoong Biologics Indonesia, Daewoong Pharmaceutical is building a collaborative system with local hospitals and clinics and conducting research to treat intractable diseases. The company plans to enter the regenerative therapy, cell therapy, and biomaterial aesthetics markets, starting with the production and processing of stem cells that can be used in hospitals and clinics and providing them to the necessary institutions.
In 2012, Daewoong Pharmaceutical built its first biopharmaceutical plant in Indonesia. Daewoong Infion is a joint venture established with local pharmaceutical company Infion to localize the pharmaceutical and bio business.
