2024-03-29 08:49:59
CEO Lee Chang-jae and each representative system
Seung-ho Jeon, former CEO, takes charge of global business
Leading the development and US approval of Nabota… “Establishing a foundation for profit”
Presenting a vision of ‘1 trillion won in operating profit and 20 trillion won in market capitalization’
CEO Park Seong-su: “We will achieve 3 trillion won within 5 years and 20 trillion won within 10 years.”
Daewoong Pharmaceutical’s Vice President Park Seong-soo, known as ‘Nabota Man’, who led the development of botulinum toxin and its entry into the U.S. market, has been appointed as the new CEO of Daewoong Pharmaceutical.
Daewoong Pharmaceutical announced that it had appointed Vice President Park Seong-soo as the new CEO at the board of directors meeting held on the 28th. New CEO Park Seong-soo leads Daewoong Pharmaceutical under a separate representative system with CEO Lee Chang-jae. Daewoong Pharmaceutical has been operating a dual CEO system for domestic business, global business, and research and development (R&D) since 2022.
CEO Lee Chang-jae, who was appointed in 2022, will oversee domestic business and marketing. CEO Park Seong-su will take charge of global business and R&D, following his predecessor Jeon Seung-ho. Former CEO Jeon Seung-ho was appointed in 2018 and led Daewoong Pharmaceutical for 6 years (3 years + reappointment). During his six-year tenure, CEO Jeon responded to Nabota-related U.S. International Trade Commission (ITC) issues in the United States with Park Seong-soo, head of the Nabota business division at the time, and achieved the launch of new drugs such as Pexuclu and Enblo.
New CEO Park Seong-su graduated from the Department of Pharmaceutical Sciences at Seoul National University College of Pharmacy and earned a master’s degree in medicinal chemistry from the same graduate school. He joined Daewoong Pharmaceutical in 1999. He created new business opportunities while holding major positions at Daewoong Pharmaceutical, including development, approval, marketing, and global business. In 2011, he served as the head of the U.S. corporation, and since 2015, he returned to Korea and served as head of the Nabota business division, leading Nabota’s global business. In 2021, he was promoted to Vice President and oversaw the work of Nabota Headquarters, Global Business Headquarters, Bio R&D Headquarters, and Legal Affairs Office. Daewoong Pharmaceutical is evaluated as having upgraded Daewoong Pharmaceutical’s global business to the next level by leading the approval of the domestically produced botulinum toxin Nabota by the U.S. Food and Drug Administration (FDA), establishing a profit foundation and leading Nabota’s expansion into 70 overseas countries.
New CEO Park mentioned the beginning of the era of Daewoong Pharmaceutical’s annual operating profit of 1 trillion won as its main vision. The plan is to reorganize the company’s structure into a high-profit, global focus by maximizing new business, global expansion, and new drug, pharmaceutical, and bio research results. They also presented a vision of nurturing blockbusters with ‘1 trillion won per product’, which means achieving annual sales of 1 trillion won per product, becoming a company specializing in new drug development, and achieving a corporate value of 20 trillion won.
The 1 product, 1 trillion vision is the vision that Daewoong Pharmaceutical has recently adopted as its main keyword. CEO Park said, “There are limits to growth through domestic business alone,” and announced the roadmap, “We will focus on R&D and global business expansion and reorganize our product lineup to focus on high-profit blockbusters.” The first plan is to develop three innovative new drug products, including Nabota, Fexuclu, and Enblo, into blockbusters. As a next-generation product, the company plans to develop versiporosin, which is being developed as the world’s first new drug for idiopathic pulmonary fibrosis, into a second Nabota.
The Nabota business, which is currently expanding overseas, will also be upgraded. Following the United States, the plan is to realize a single item operating profit of 300 billion won through expansion into China and the treatment market. In the case of local subsidiaries in Indonesia and China, a blueprint was put forward to grow them to the level of the current Daewoong Pharmaceutical. In particular, the Indonesian corporation plans to grow into a global hub that localizes the entire value chain, from research to production, development and commercialization, rather than operating as a simple sales corporation. It is predicted that after accumulating global capabilities, it will be possible to operate a direct sales system in advanced markets such as the United States.
The plan is to focus on new drug development on the three core disease groups and raise Daewoong Pharmaceutical’s new drug development capabilities to the global top 20 level through process advancement. To this end, it is said that they have established strategies such as strengthening C&D (open cooperation, Connect & Development) capabilities and cooperation with global experts. In the bio-pharmaceutical field, we focus on diabetes, obesity, infection, orthopedics, neurosurgery, stem cells, and luxury OCT, aiming for the highest level in the world. In addition, a plan was put forward to maximize major technologies through global open innovation (open collaboration) through platformization. We have not forgotten the mission of the medical company, which is to improve the quality of life of patients suffering from severe incurable diseases. Emphasis was placed on providing a ‘total solution’ that prevents and treats chronic diseases from the root so that everyone can live a healthy life.
As part of improving shareholder value, CEO Park also presented a vision to increase market capitalization, which shows the company’s overall value. Currently, Daewoong Pharmaceutical’s market capitalization is approximately 1.4 trillion won. CEO Park said, “We will grow the market capitalization to 5 trillion won within 3 years and 20 trillion won within 10 years,” and added, “We will reorganize our structure and maximize future value by focusing on new businesses and growth engines.” He said that he would build a ‘pleasant workplace’ through active communication and cooperation in cultivating talent, which is a traditional virtue of Daewoong Group. In particular, we plan to focus on nurturing excellent overseas talent as we strengthen our global business.
Daewoong Pharmaceutical has established a CEO system with a professional manager serving a three-year term (plus two consecutive terms). This appointment of CEO Park was also made based on Daewoong Group’s CEO growth and operation system. He will lead Daewoong Pharmaceutical’s global business based on capabilities proven through the Nabota business. A Daewoong Pharmaceutical official said, “Based on an organizational culture that can be summarized as autonomy and growth, Daewoong actively selects talented individuals with excellent performance and provides them with opportunities to pursue their dreams.” He added, “We have taken the lead in introducing a job-based pay system to differentiate between age and service.” “We operate a system in which compensation and evaluation are based solely on competency and performance, regardless of age, gender, nationality, etc.,” he explained.
Kim Min-beom, Donga.com reporter mbkim@donga.com
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2024-03-29 08:49:59