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Biz News Korea(Eng)
Seoul Pharmaco lands $5.5mn drug supply deal with Thai company
- Collected
- 2016.07.26
- Distributed
- 2016.07.27
- Source
- Go Direct
Seoul Pharmaco said in a disclosure statement on Monday that it signed a contract worth 6.2 billion won with Thai pharmaceutical firm Thitiratsanon Co. Under the terms of the agreement, Seoul Pharmaco will provide three types of drugs - hypoalbuminemia, osteoporosis, and dermatitis treatments.
The company claims that its hypoalbuminemia drug is especially recognized as the first liquid-type drug, upgraded from the previous powder-type, in Korea and is an effective cure for hypoalbuminemia symptoms from a liver ailment or after a surgery. It developed the hypoalbuminemia drug and obtained a patent in 2014.
Seoul Pharmaco plans to ship the drugs as soon as it finalizes drug approval process with Thai health authority.
Thailand is the second largest healthcare market in Southeast Asia after Indonesia. The Thai healthcare market that valued $4.5 billion won in 2013 is expected to double its size by 2020, said a Seoul Pharmaco official. The Korean drug supplier anticipates its export deal with Thailand to further boost its sales and profit margin.
Earlier this month, the company announced it would produce four types of tadalafil drugs sold under the label of Sandoz AG in four Asian markets.
As of Tuesday at 01:40 p.m, Seoul Pharmaco stocks traded at 14,350 won, up 1.41 percent from Monday’s closing.
By Lee Dong-in
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]