Financial Times recently reported that Samsung South Korea plans to launch generic version of a biological medicines by 2015 at half the price of the current Western prices. It claims that Samsung is gearing up to challenge the US and European pharmaceutical companies.
It was stated that:
- The new production facility would be operated by June with regulatory approval by the end of the year.
- More than two thirds of senior executives had been hired from Western drug companies.
- Samsung has committed $2 billion dollars of investment in new plant, up to 2020.
- This move is a result of a decision made a decade ago to move in to medicine.
This is obviously a significant move in competition within the Asian area, even though current manufacturers are likely to be in the box seat to respond to this new competitor, it will be interesting to watch how this develops over the next five years.
For the full FT article click here.