Daewoong Receives Two ‘2008 National Productivity Innovation Awards’

Daewoong Pharmaceutical (CEO: Jong Wook Lee) received two honors at the 2008 National Productivity Innovation Award ceremony sponsored by the Ministry of Knowledge Economy and organized by the Korea Productivity Center.

Daewoong Pharmaceutical received an award in the leadership division for excellence in ecomonic knowledge and the other for innovation pursuit (gold award) at the 32nd annual National Productivity Innovation Awards which took place on September 9, 2008 at COEX Auditorium.

Through constant innovative management practices, Daewoong Pharmaceutical has gone from a 280.4 billion KRW sales record in 2004 to a 484.2 billion million KRW sales record in 2007 resulting in a 174% increase part of which can be attributed to having the best information system and SCM system amongst pharmaceutical companies. Other factors included the development of global employees and enforcement of a strong code of ethics, along with the numerous social contributions Daewoong has made.

In 2007, Daewoong Pharmaceutical received an award for productivity drive and also the Korea Productivity Center’s chairman’s award for innovation pursuit.

The Korean Productivity Innovation Award has been modeled after the Malcolm Baldridge Award which is given by the President of the United States to businesses displaying excellence in areas such as leadership and strategic knowledge and the Japan Quality Award.