Daewoong Pharmaceutical said it has established a biotech research center at Universitas Indonesia (UI), a state university in Depok, Indonesia, to expand its global research network.
More than 150 executives and government officials celebrated the opening of the UI-Daewoong BioTechnology Research Center on Friday. The participants included Jeon Seung-ho, CEO of Daewoong Pharm, Maura Linda Sitanggang, director general of Health Ministry of Indonesia, Kim Chang-beom, Korean Ambassador to Indonesia, and Muhammad Anies, Rector of UI.
|Daewoong Pharmaceutical CEO Jeon Seung-ho (third from left) celebrates the opening of the UI-Daewoong BioTechnology Research Center at Universitas Indonesia, in Depok, Indonesia, on Friday.|
The research lab is affiliated with UI, one of the prestigious state universities in Indonesia. To prepare for the opening, Daewoong has hired researchers and purchased equipment since last year.
With an aim to support the local industry, the UI-Daewoong research center will collaborate with Indonesian professors for studies of biopharmaceutical products such as epidermal growth factor, Caretropin, and Novosis. The center will also team up with UI’s College of Pharmacy to offer scholarships and training programs for biopharmaceutical expertise.
Daewoong said it would provide well-performing students with a training opportunity at the company’s main research institute in Yongin, Gyeonggi Province, to deepen their knowledge.
“Indonesia has significant growth potential. The country is tightening regulations on import drugs to foster its own pharmaceutical industry. Daewoong Pharma will develop its own biotechnology products by local conditions, build success, and further strengthen its ‘Reverse Innovation’ strategy to advance into developed countries including Korea,” said Daewoong Pharm CEO Jeon.
Ambassador Kim said, “As Daewoong is contributing to the development of pharmaceutical sectors in both countries with a new model, distinguished from conventional business partnerships. The government will actively support the cooperation.”
The Indonesian pharmaceutical market reached 79.6 trillion rupiah ($5.78 billion) in 2015 and is expected to grow to 125 trillion rupiah by 2020.
For smooth business in the world’s largest Islamic country, Daewoong plans to obtain halal certification from Majelis Ulama Indonesia (MUI) within this year.
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