Celebrating the complete acquisition of ownership from GC Green Cross
Last year, prescriptions increased by 2.4 billion won to 16.2 billion won, recording growth.
Daewon Pharmaceutical announced on the 11th that it held the ‘Shinbaro 2025 Kick-Off Meeting’ to commemorate the new beginning of ‘Shinbaro Tablet’, an osteoarthritis treatment drug, at Sebitseom Floating Island in Seocho-gu, Seoul. This event was held to commemorate the recent complete acquisition of Shinbaro’s ownership from GC Green Cross and to pledge successful growth, and it is said that about 500 executives and employees attended.
The event was held with executives and employees gathering and interacting, presenting the background of Shinbaro’s introduction and future vision, awarding awards to outstanding salespeople, and answering questions.
President Baek In-hwan said, “We have a strong determination to grow Shinbaro as Daewon Pharmaceutical’s second new drug. “We will strive to establish it as Daewon Pharmaceutical’s representative product,” he said. Joo-il Kim, vice president of R&D, also said, “We will not spare any effort in active research and investment to improve Shinbaro. “By adjusting the tablet size and changing the formulation, we plan to improve the current dosage of 2 tablets at a time to 1 tablet at a time, and also add new indications and develop combination drugs,” he added.
Shinbaro is Korea’s fourth natural new drug, and is used to treat anti-inflammatory, pain-relieving and osteoarthritis, and is known to have few side effects even when administered long-term. It has grown steadily through co-promotion (two or more companies jointly sell a specific product) with GC Green Cross, and last year, the amount of prescriptions recorded KRW 16.2 billion, an increase of KRW 2.4 billion from the previous year.
Kim Sang-jun, Donga.com reporter [email protected]
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Interview between Time.news Editor and Baek In-hwan, President of Daewon Pharmaceutical
Editor: Welcome, Baek In-hwan, to Time.news. We’re thrilled to have you with us today. Congratulations on Daewon Pharmaceutical’s complete acquisition of Shinbaro ownership from GC Green Cross! Can you tell us how this acquisition transforms your company’s strategic focus?
Baek In-hwan: Thank you for having me! The complete acquisition of Shinbaro holds significant importance for us. It allows us to take full ownership and steer the product’s future. Our primary goal now is to establish Shinbaro as Daewon Pharmaceutical’s representative product, highlighting our commitment to innovative healthcare.
Editor: That’s exciting! You mentioned during the recent ‘Shinbaro 2025 Kick-Off Meeting’ that you plan to make Shinbaro your second new drug. Could you elaborate on the goals you have set for its growth?
Baek In-hwan: Absolutely. We aim to drive Shinbaro’s growth through a combination of robust marketing strategies and continuous product improvement. We also want to enhance the user experience—by adjusting the tablet size and reformulating it, we will reduce the dosage requirement from two tablets to just one. Our target is to further establish Shinbaro as a go-to treatment for osteoarthritis, ensuring it becomes a household name.
Editor: Impressive! It sounds like you’re committed to significant innovations. What can you tell us about the ongoing research and development efforts for Shinbaro?
Baek In-hwan: Our Vice President of R&D, Joo-il Kim, is leading groundbreaking initiatives. We plan to diversify Shinbaro’s applications by exploring new indications and potential combination therapies. This means not just enhancing efficacy but also improving the overall patient experience. Our goal is sustainable long-term relief for patients suffering from osteoarthritis.
Editor: Speaking of patient experience, Shinbaro is noted for having minimal side effects even during long-term use. How does this position Daewon Pharmaceutical in the current market?
Baek In-hwan: It’s a crucial competitive edge. As patients increasingly prioritize safety alongside efficacy, Shinbaro’s profile makes it an attractive option. Our steady growth, culminating in KRW 16.2 billion in prescriptions over the past year, underscores this connection. By focusing on safety and effectiveness, we align with evolving patient expectations.
Editor: With an event attended by around 500 executives and employees, it sounds like a powerful way to motivate your team. How important is team morale and commitment in achieving your goals for Shinbaro?
Baek In-hwan: Team morale is integral to our success. Events like the ‘Kick-Off Meeting’ foster a sense of unity and shared purpose. By recognizing outstanding performers and engaging our workforce, we cultivate a motivated team that’s committed to our vision. This collective effort is paramount in achieving the milestones we’ve set for Shinbaro.
Editor: It’s clear that Daewon Pharmaceutical is on an exciting trajectory. As we bring this interview to a close, what final thoughts would you like to share with our audience about the future of Shinbaro and Daewon Pharmaceutical?
Baek In-hwan: I’d like to emphasize our commitment to innovation and patient care. We’re not just focused on business growth but also on enhancing the quality of life for those dealing with osteoarthritis. With continued investment in research and development, I believe Shinbaro will not only thrive as our flagship product but also make a meaningful difference in the lives of patients. Thank you for having me, and I look forward to sharing our progress with you!
Editor: Thank you, Baek In-hwan. We eagerly await to see how Shinbaro will evolve and impact the pharmaceutical landscape. Best of luck on this promising journey!