SK plasma said it has received approval from the Singaporean Health Sciences Authority (HSA) for its blood products -- albumin and immunoglobulin -- and began full-scale production in June.

SK plasma will be the exclusive supplier of blood products totaling $30 million over the next six years, starting with the export of initial volumes in the fourth quarter.

Under the accord, Singapore's health authorities will supply plasma from their own blood sources to SK plasma, which will use the plasma as raw material to produce finished blood products such as albumin at its Andong plant and send them back to Singapore.

SK plasma plans to process and export approximately 20,000 liters of blood products annually to Singapore.

SK plasma stressed that the contract manufacturing deal for its blood products in Singapore is an achievement that shows the company's superior technology in a global market that multinational pharmaceutical companies have monopolized.

"Singapore's health authorities strictly control quality standards at EU good manufacturing practice (GMP) levels when approving products," the company said. "In 2022, SK plasma's blood products were designated for priority review by the HSA, shortening the 18-month approval process by five months."

The Singapore government has been procuring and supplying blood products to its citizens in the form of a national tender. In 2021, SK plasma became the first Asian company to be selected as a contract manufacturer for the entire volume of blood products supplied by the HSA.

"This is the first exclusive blood product processing export to an EU GMP level country, and it is a case of recognition of SK plasma's technology," SK plasma CEO Kim Seung-ju said. "Based on this achievement, we will continue to expand our global business."

Blood products are medicinal substances derived from blood. They are produced by fractionating and purifying the components of blood, such as albumin and immunoglobulin. These products play a critical role in the treatment of various conditions, including excessive blood loss-induced shock, congenital immunodeficiency diseases, and hemophilia.

In addition, blood products such as albumin and immunoglobulin are widely needed in national disaster situations and are designated and managed as national essential drugs.

SK plasma is accelerating its advancement into Southeast Asia.

On top of its export of blood products to Singapore, the company is planning to build a blood product plant in Indonesia.

In March, the company received a license from the Indonesian Ministry of Health to build a blood product plant near Jakarta that can process 1 million liters of plasma raw materials per year and plans to break ground in May, with a target completion date of 2025.

SK plasma will operate the local plant and transfer its blood product manufacturing and facility technology.

The company expects that this will help Indonesia achieve some self-sufficiency in the pharmaceutical industry.