Euvipharm, which JW Pharmaceutical acquired to tap the pharmerging market, was officially launched. JW Pharmaceutical announced on Nov. 13 that it has held a New Challenge Day, an event to launch Euvipharm Joint Stock Company (Euvipharm JSC) in Long An Province, Vietnam.
The event was attended by some 90 local executives and employees, including JW Group Chairman Lee Kyung-ha, JW Pharmaceutical CEO Shin Young-sup, JW Life Science CEO Cha Sung-nam, and Euvipharm corporate chief Yang Gil-chun.
Since signing a contract to buy a 100 percent stake in Euvipharm in September, JW Pharmaceutical has appointed Yang Gil-chun, an executive director of JW Life Science, as the Euvipharm CEO, and completed corporate registration.
This is the first time a South Korean company has acquired and operated a full stake in a Vietnamese pharmaceutical company. JW Pharmaceutical is set to make full-fledged inroads into the pharmerging market, including Vietnam and other ASEAN countries, with drugs produced by Euvipharm.
Established in 2005, Euvipharm specializes in producing raw materials and pharmaceuticals with modern facilities. It has an annual production capacity of 1.937 billion units, the highest in Vietnam.
JW Pharmaceutical will introduce about 50 types of medical products that can be produced immediately at Euvipharm, including powdered injection, refining, capsule and eye bath drops. It plans to expand their production volume by supplementing facilities and changing the licensing of items.
It also plans to strengthen its portfolio by transferring JW's differentiated manufacturing research capabilities and other production and quality control technologies.
In addition, it will also push for the certification of PIC/S (Pharmaceutical Inspection Co-operation Scheme) and start a CMO (Contract Manufacturing Organization) business in the future.
JW Group Chairman Lee said, “We will spare no investment and support so that we can grow into a major foreign pharmaceutical company contributing to Vietnam's health and medical industry. We hope to achieve good results in the ASEAN market and other Pharmerging markets by using Vietnam as a foothold.”