This undated photo provided by Samsung BioLogics, a biopharmaceutical unit of Samsung Group, shows a researcher working.
SEOUL, April 1 (Korea Bizwire) — South Korea’s major conglomerates are launching ventures in the pharmaceutical and biomedical industries, following the success of Samsung Biologics Co., the biotech arm of Samsung Group and SK Bioscience Co., a vaccine unit of SK Group.
Lotte Corp., the holding company of retail giant Lotte Group, decided to establish a platform to provide a comprehensive solution across the entire spectrum of health management, including diagnosis and prescription, by setting up Lotte Healthcare through an investment of 70 billion won (US$57.5 million).
Lotte officially declared healthcare as its new growth engine in its shareholder meeting held last week.
Hyundai Department Store Group, which owns cosmetics firm Hyundai Bioland, is reviewing the idea of making a strategic investment in a startup combining digital technology and healthcare.
E-Mart Inc., a discount store chain under Shinsegae Group, invested 10 billion won to participate in the capital increase of Kobiolabs Inc., a developer of microbiome medicine.
After establishing weBiom, a functional health food joint venture with Kobiolabs, E-Mart made the investment as part of efforts to strengthen its functional health food business.
Heavy machinery and power equipment-focused Doosan Group added the manufacturing of medical equipment and the operation of vending machine as new businesses in its articles of incorporation.
Ashley Song (ashley@koreabizwire.com)
