South Korean pharmaceutical giant Yuhan has established a subsidiary in Australia to expand its global clinical network and drug development pipelines.
The subsidiary, Yuhan ANZ, was launched in June. Some 2 billion won ($1.6 million) was reportedly invested for the project.
The company said Australia is one of the countries with bright prospects for the pharmaceutical market, given its increasing demand for medical products.
“Launching a subsidiary in Australia is a part of our efforts to expand (drug development) pipelines,” said an official from Yuhan. “Specific business plans have yet to be determined.”
According to the Korea Trade-Investment Promotion Agency, the country’s market volume is expected to reach $14.8 billion by 2022, compared to $11.8 billion in 2017.
Under the company’s Open Innovation Initiative, Yuhan has been making a foray into the global market to develop new drugs and medical technology.
Last year, the company established subsidiaries in San Francisco and Boston to boost its presence in the world’s biggest pharmaceutical market.
Yuhan’s subsidiary in Australia is also aimed at supporting efforts related to market expansion and product diversification, the company said.