SEOUL, May 16 (Korea Bizwire) — Celltrion Inc. will invest 40 trillion won (US$33.7 billion) and create 110,000 jobs by 2030 as the South Korean biosimilar firm moves to take a leap forward as a global player, the company’s chairman said Thursday.
The company’s business roadmap centers on cooperating with local governments to make the western port city of Incheon, where Celltrion is headquartered, the leading industrial hub in an effort to seek mutual growth.
“I feel heavy responsibility as Celltrion leads the local bio and pharmaceutical industry,” Chairman Seo Jung-jin told reporters in Incheon, adding that its future business will focus on strengthening the country’s health care industry.
Celltrion will join hands with local governments of Incheon and North Chungcheong Province to build a “bio industrial valley,” Seo said.
Of the pledged investment, 25 trillion won will be plowed into the bio-pharmaceutical business in Incheon and another 5 trillion won in its chemical pharmaceutical business in Ochang, North Chungcheong Province, he said.
A further 10 trillion won will be invested in creating a health care platform business that involves artificial intelligence (AI) technology and a medical database.
The business tycoon also said Celltrion aims to develop over 20 second-generation biosimilars such as immuno-oncology drugs. Industry data showed that the global immuno-oncology drugs market is estimated to continue to surpass $173 billion by 2026.
Celltrion forecasts the investment will help create 2,000 jobs in research and development and 8,000 at its plants, as well as indirectly generating another 90,000 positions.
Seo said Celltrion’s sales will reach 30 trillion won in annual sales as early as 2027 by directly handling its global sales through its subsidiary Celltrion Healthcare.
In 2018, Celltrion logged record-high sales of 982 billion won mainly due to increased revenues from its biosmilars — Truxima and Herzuma — in the European market through local distributors.