Cytiva, a global life science company, said it was reviewing Korea as one of the candidates for Asian production site as part of an expansion of regional manufacturing facilities, emphasizing the importance of supply chain sustainability.

Cytiva Korea’s Strategy and Marketing Leader Kim Ki-hoon participated in a forum on Korea’s strategy to become a global vaccine manufacturing hub at the Global Bio Conference, hosted by the Ministry of Food and Drug Safety from Monday to Wednesday.

He made a presentation on “New Normal, Leaping into the New Biotech Future.”

Kim said a glitch in the supply chain of a blockbuster drug could cost several millions of dollars to $10 million daily. Likewise, a delayed market release of medicine could waste up to $100 million monthly, so biotech firms tend to pursue a supply chain stabilization strategy using their know-how, he explained.

To stabilize a supply chain in a crisis like the Covid-19 pandemic, biotech companies should do three things – manage the continuity of business, manage a supply chain crisis, and have close and transparent communication with stakeholders, Kim said.

Cytiva makes sure to stock key products to maintain a stable supply for at least six to 12 months “under any circumstances,” he added.

Using an automation system and quality control, Cytiva also takes preemptive measures to respond to various supply issues and shares demand and supply plans with major stakeholders to prevent the cause of supply disruptions in advance, Kim went on to say.

According to Kim, Cytiva is implementing an “in-region-for-region” strategy to meet the region’s demand with the region’s supply. He said that the company plans to spend $1.5 billion in the next two years to expand regional production facilities and stabilize the global supply chain.

“Korea is one of our candidates for a regional production site in the Asian region. If Korea is selected, it will create synergy with the national project to build a global vaccine hub,” Kim said.

As a multinational company, Cytiva Korea plans to support Korea’s push for a global vaccine hub actively, he added.

Cytiva provides technologies and services ranging from basic biological research to the development of vaccines, biologic drugs, and cell gene therapy.

About 90 percent of biologic drugs worldwide and 75 percent of FDA-approved biologic medicines are produced using Cytiva’s products.

Cytiva has over 8,000 employees working in 40 countries. The company operates APAC Fast Track Center in Songdo, Incheon, in Korea. In addition, the company runs nine Fast Track Centers worldwide to nurture biotech experts.