Access Bio Korea, a subsidiary of Access Bio, dedicated its first local factory in a ceremony Tuesday.
|Access Bio President Choi Young-ho (center) and other dignitaries cut a ribbon to dedicate the first local plant of its subsidiary Access Bio Korea, in Goryeong, North Gyeongsang Province, Tuesday.|
The plant, located in Goryeong, North Gyeongsang Province, has a floor space of 2,953 square meters. The company expects that the plant will become fully operational in the third quarter of this year after receiving the International Organization for Standardization (ISO) certification.
“We plan to expand production capacity of the newly built factory over a three-year span,” a company official said. “If we include the production capacity at our headquarters in New Jersey, we expect to double our production capacity by 2020.”
The company intends to use the factor for improving the company’s order delivery capability through mass and automated production systems. It will also help decrease the shipping time of raw materials imported to China and Korea increasing production efficiency and reducing its costs, the official added.
Access Bio expects that the new factory will also provide a foundation for strengthening its global marketing competitiveness.
With the completion of the plant, the company will focus on the production of high-margin diagnostic products such as HIV, G6PD, dengue and respiratory diseases. The company explained that to enter the global HIV diagnosis kit bidding market aggressively, it plans to acquire the World Health Organization’s (WHO) prequalification certification for the new factory.
The company expects to continue its success in the HIV diagnosis market as its device has proved a 100-percent accuracy and specificity in the clinical trials conducted by the German Red Cross and the Institute of Tropical Medicine. Access Bio also plans to utilize its vast production capacity and feat in the malaria diagnosis kit market.
“In line with the company’s goal to diversify products and markets, we are glad to secure a production base in Korea, following factories in Ethiopia and U.S.,” the official said. “We will do our best to improve the profitability of the company by utilizing geographical competitiveness to maximize production efficiency.
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