Samsung Ramps Up Drug Business With $2 Billion ‘Super Plant’
Samsung has further expanded into the drug business, investing nearly US$2 billion into a ‘super plant’ which is set to be the first, and largest, of its kind once completed in 2022.
According to the Wall Street Journal, the Korean giant is betting big on biologic drug ingredients, with Samsung Biologics’ fourth factory set to occupy 230,000 square metres.
The company’s goal is reportedly to fulfil unprecedented demand prompt by the coronavirus pandemic, and cater to growing drug production trends.
Samsung’s drug division is said to supply some of the world’s largest pharmaceutical makers. The company’s Chief Executive informed WSJ that the plant was slated to be much smaller, however, the coronavirus pandemic notched a new product category, plus demand for new manufacturing processes.
Samsung Biologics Chief Executive, Kim Tae-han, has been at the helm since 2011, and reportedly helped pitch the venture to Samsung’s key leaders.
Commentators claim the COVID19 pandemic has revealed a reliance on conventional drug manufacturing, of which Samsung has sought to further shake-up.