News
2022.10.12
"Provide diagnosis and solution together" with personalization and prevention-oriented medical service
Yoo Geon-sang, who formerly served in Beijing Hanmi IT, HMG, etc., to the new CEO of Korea Biopharm
Planned to produce and launch 12 microbiome-based products in the first half of next year
Dx&Vx (formerly Cancerrop) acquired Korea Biopharm last month to enter the consignment development and production market. Dx&Vx, a company specializing in genome analysis and molecular diagnostics, succeeded in switching to surplus in the first half of this year through diversifying its business sectors after Lim Chong-yoon, president of Hanmi Pharmaceutical, became the largest shareholder last year. By acquiring Korea Biopharmaceuticals, the company is implementing a new value chain that integrates R&D, production and distribution.
Korea Biopharmaceuticals is in charge of ‘solution’
Yoo Geon-sang, CEO of Korea Biopharm, mentioned that “The future medical service will lead the way to more personalized and prevention-centric service. Dx&Vx’s strength is in prevention and diagnosis, which is based on personalized genome analysis. However, the company was lack of follow up services that can complement our flagship services. Now, the acquisition of Korea Biopharm, which is capable of health supplement production, let us provide an integrated healthcare solution that encompasses from diagnosis to solutions.”
Yoo added, “We are only beginning with health supplement for now, but we are also in preparation of producing a wider range of products, including mediciney products for the medium and long term.” Currently, boundaries between food, health supplement and over-the counter drugs (OTC) are overlapped. He believes that the overlapped area will be solidified in the future and Korea Biopharm could make a major breakthrough in this field.
Yoo Gun-sang, CEO of Korea Biopharm, explains business plans, including synergy with its parent company, DX&VX. (Picture=DX&VX)
Starting with the CEO of Beijing Hanmi IT in 2005, CEO Yoo has served as the CEO of Beijing Hanmi Marketing Group (HMG), Ofmom Korea and Coree Pohang. He yielded great results as a business strategy expert and a close aide of Lim.
Currently, Dx&Vx is suspended from trading on the KOSDAQ. This is due to a ‘rejection’ from an external auditor in 2019. However, after Lim became the largest shareholder last year, the company put their minds on corporate structure reformation. As a result, in the first half of this year, Dx&Vx recorded 13.1 billion won in sales, an increase of 182% over the same period last year. The company succeeded in turning into profits by recording 1.1 billion won of operating profit. The company is maintaining the momentum in the second half of this year.
Dx&Vx is expected to accelerate its corporate reformation. It is forecasted to generate 11-12 billion KRW in sales this year after merging Korea Biopharm. However, Yoo emphasized that the acquisition is not merely for financial soundness of Dx&Vx, but also for the integrated services including pre-diagnosis and personalized medical services. He explained that the project is underway in China and Italy.
Next year sales are forecasted to reach 50 billion KRW
A detailed blueprint for cooperation with Dx&Vx is presented already.
While maintaining the existing original equipment manufacturer (OEM) and original development manufacturer (ODM) business with over 60 clients, the company plans to release differentiated products based on the parent company's technology in the medium and long term. First, it is planning to produce 12 microbiome-based products developed by Coree group and the Dx&Vx microbiome research center, which will be released in the first half of next year.
Specifically, it is planning to launch products covering infant health, digestive system, cold, immune deficiency, women health, skin allergy and detox for anti-aging. Coree group is a company that Lim Chong-yoon, president of Hanmi Pharmaceutical, has a stake.
* Dx&Vx’s sales performance (Source = Financial Supervisory Service)
Yoo said, “Dx&Vx has the expertise in fetal and neonatal genomes. It can detect the necessary nutrients for the fetus or pregnant women through analysis.” He explained that Dx&Vx is also planning to provide companion animal diagnosis solutions, as they are equipped with the related diagnosis functions. He said, "Now, Dx&Vx can ‘grow the pie’ with a practical business plan that were ended up in diagnosis stage.
In addition, Dx&Vx, the parent company, plans to conduct two researches on new drugs, including a bacterial-based vaccine, next year.
Yoo predicted that sales of 11-12 billion won this year and 50 billion won of next year are expected. By utilizing the company-wide experience accumulated through Coree group, he is drawing a roadmap for advancing into overseas markets such as China as well as domestic markets.
He concluded by saying "Korea Biopharm is one of the several production bases run by Coree group." He said, "We have started off with health supplement products, and then will become a professional healthcare manufacturing company that adapts to the future medical service and healthcare market development."
Source: E-daily