Daewoong Pharmaceutical taps ex-Celltrion exec to lead global biosimilar push

Daewoong Pharmaceutical said Tuesday it would enter the biosimilar market for new business growth, with plans to strengthen partnerships both in Korea and overseas.

To drive the new initiative, Daewoong has appointed Hong Seung-suh, a former executive at biosimilar giant Celltrion, as head of its newly established biosimilar division.

Biosimilars, widely seen as cost-effective alternatives to expensive biologic medicines, are expanding rapidly in global markets, particularly with increasing demand for patent-expired products and the need to reduce healthcare costs. According to market research firm IMARC Group, the global biosimilar market, valued at 36 trillion won ($26.5 billion) last year, is projected to reach 250 trillion won ($185.1 billion) by 2033.

Daewoong plans to broaden its pipeline and prepare for entry into major markets, including Europe and the U.S., as it works to position itself as a global biopharmaceutical company.

The company noted that biosimilars generally require shorter development timelines and have higher approval success rates compared to new drugs.

In addition, under new European Medicines Agency guidelines announced in March, some biosimilars can be approved based on quality data and phase 1 clinical results, without phase 3 trials, reducing development risks and improving cost competitiveness.

Daewoong emphasized that it will pursue a dual strategy, combining in-house development capabilities with close strategic collaborations with global biosimilar developers and contract development and manufacturing organizations.

Through this approach, the company aims to achieve faster regulatory approvals, successful product launches, and rapid sales growth in key markets.

The recruitment of Hong is seen as a key step in building competitive strength. Hong brings nearly 20 years of experience in the biosimilar sector, having led research and global commercialization efforts at Celltrion and Celltrion Healthcare from 2002 to 2019, which has since merged into a single entity. He also previously served as CEO of Lophi Bio and has demonstrated strong leadership and execution capabilities in the global arena.

“It is deeply meaningful for Daewoong, a company that has contributed to public health in Korea for the past 80 years, to now take on the challenge of biosimilars,” Hong said. “This field plays a crucial role in making treatments more accessible to patients worldwide.”

Hong stressed that he is eager to leverage Daewoong’s sales network and execution strength to improve global access to care.

Daewoong CEO Park Seong-soo also added that the company’s accumulated experience in formulation development, commercialization, and global partnerships would allow it to deliver differentiated performance in the biosimilar field.

“Daewoong’s goal is not limited to short-term gains but focused on becoming a meaningful global player through the steady execution of long-term strategies,” Park said.