Daewoong Pharmaceutical Ranks Top in Prescription Drug Market

EDI charges posted 305.1 bil. won, up by 18% year-on-year.
Product competitiveness in various fields and efficient organizational operation are pointed out as reasons for Daewoong’s growth.

Daewoong Pharmaceutical Co. claimed first place, overtaking multinational pharmaceutical firms in the prescription drug market.

According to the 2006 data on EDI charges of the top 50 pharmaceutical companies released on April 20 by the Health Insurance Review and Assessment Service, Daewoong Pharmaceutical showed an 18% growth rate compared to last year, posting 305.1 billion won. The firm outperformed Pfizer Korea, Ltd., which recorded 304.7 billion won.
 
In the EDI charge record, charges for Olmetec shot up from 12.3 billion won in 2005 to 25.6 billion won in 2006 by a whopping 107.7%. Charges for Gasmotin increased from 25.9 billion won to 34.6 billion won by 33%, while charges for Gliatilin rose from 15 billion won to 22.7 billion won by 51.5%. 

In addition, in the first year when Olmetec Plus, therapy for hypertension, hit the market, it posted 10.6 billion won in sales. Also, Diabex for control of blood glucose, Ursa for improvement of liver functions and the anti-fugal medicine Plunazol also ranked in the top 100 prescription drugs in terms of the EDI charge record. Each helping to catapult Daewoong Pharmaceutical into first place.

The company’s diverse product pipeline explains its astonishing record in the market. Rather than focusing on limited areas, Daewoong Pharmaceutical paid attention to diverse fields encompassing circulatory, endocrine, gastrointestinal and nervous systems. The efficacy and safety of each product of Daewoong Pharmaceutical were verified by experts and those products dominated the market in various fields. 

Also, Daewoong Pharmaceutical’s market-oriented marketing strategy is another factor of its success. It pushed ahead with the diversification of products and released complex medications such as Olmetec Plus and Diabex XR. In terms of organizational management, specialization and concentration through the operation of integrated sales and marketing divisions, including the circulatory and endocrine division and the anti-cancer drug division, contributed to the high growth rates of its products. 

Based on last year’s superb performance in the prescription drug market, Daewoong Pharmaceutical will step up its efforts, making an earnest foray into new drug fields such as anti-cancer medicine and wound healing medicine.