Hanmi Science, which recently merged with affiliate Hanmi Healthcare, said it will strengthen its medical device business, including surgical materials.
Hanmi Science, a holding company of Hanmi Group, decided to merge with its affiliates, Hanmi Healthcare, in September and completed the merger process through a resolution of the board of directors in November.
Lim Jong-hoon, who previously served as the CEO of Hanmi Healthcare, will oversee the healthcare business as CEO of Hanmi Science.
Hanmi Science announced that it plans to reorganize the medical device unit, which is the main business of Hanmi Healthcare, and grow the size of the unit. Hanmi Science plans to boost the medical device business’ 30 billion won ($22.6 million) sales to more than 50 billion won.
Hanmi Healthcare supplies surgical treatment materials such as Guardix, an anti-adhesion agent that prevents organs or nerves from sticking together during surgery, Surgiguard Gauze, a surgical hemostatic agent, and Liquiband, used for sutures after surgery.
According to Hanmi Science, the medical device business sector accounts for 30 percent of Hanmi Healthcare's total sales, and sales of major products have grown by about 31 percent over the past three years.
Notably, in the case of Guardix, it occupies 40 percent market share in the domestic payroll anti-adhesion agent market and is recording annual sales of 20 billion won. Hanmi Science has also recently launched Hyvixel, an anti-adhesion agent for spinal surgery.
In addition, the company has entered into partnerships with about 10 Korean and foreign companies over the past four years, and introduced various products such as inflammatory marker test reagents, surgical adhesives, and hemostatic agents.
Hanmi Science also markets medical devices for animals and is launching and selling animal diagnostic reagents and hemostatic gauze.
Hanmi Science plans to continuously discover products that can increase synergy with the other companies within the Hanmi group.
"The medical device unit is an important business of the company's future and will serve as the company's core cash cow," a Hanmi Science official said. "In addition to the company's achievements in the field of surgical treatment materials, Hanmi Healthcare will expand its business to encompass the entire medical device industry."