This undated file photo provided by Celltrion Inc. shows its Remsima biosimilar product. (Yonhap)
SEOUL, Aug. 28 (Korea Bizwire) — Celltrion Inc., a leading South Korean biopharmaceutical company, said Thursday it will strengthen its biosimilar lineup in Vietnam to meet rising demand in the Southeast Asian country.
Celltrion launched two biosimilars in Vietnam this year — Remsima, for the treatment of autoimmune diseases, in June, and Herzuma, for breast and stomach cancer, in August, the company said in a press release.
The company aims to obtain approval from Vietnamese authorities later this year for Remsima SC, a subcutaneous formulation of its autoimmune treatment, and Truxima, a therapy for blood cancer, it said.
“Vietnam is a rapidly growing biopharmaceutical market and local demand for biosimilars is on the rise,” said Chung Seung-sup, head of Celltrion’s Central Asia Department. “To meet this demand, Celltrion will continue to introduce its high-quality biosimilar products to local patients.”
Vietnam’s biopharmaceutical market was valued at 10 trillion won (US$7.3 billion) in 2023, having expanded at an average annual rate of more than 7 percent over the past decade, according to the Korea International Trade Association (KITA).
This undated file photo provided by Celltrion Inc. shows one of its three plants in Songdo, about 40 kilometers west of Seoul. (Yonhap)
Celltrion has also strengthened its presence in other Association of Southeast Asian Nations (ASEAN) markets, including Malaysia, Singapore and Thailand, as part of its global expansion strategy.
In the January-June period, its net income surged 73 percent on-year to 171.6 billion won.
The company expects the strong earnings momentum to continue in the second half, as it plans to gradually launch five new biosimilars — Omlyclo, Avtozma, Eydenzelt, Stoboclo and Osenvelt — in global markets later this year.
Celltrion aims to achieve 5 trillion won in annual sales in 2025, up 40 percent from a record 3.56 trillion won last year.
The company has significantly expanded its global biosimilar portfolio, with the number of approved products rising from six to 11.
It plans to commercialize 22 biosimilars by 2030, when the global market value is projected to grow to 261 trillion won from 138 trillion won this year.
(Yonhap)
