Green Cross is going to export flu vaccine on a large scale. It comes after Green Cross has won the largest contract from an International organization for a single medicine from a Korean pharmaceutical company in the beginning of the year. The contract value amounts to about $75 million.
On February 3, Green Cross(President&CEO Hun, EunChul) announced that it won a contract worth $29 million in the Pan American Health Organization (PAHO)’s bidding of medicines for the southern hemisphere in 2015. PAHO is an affiliate of World Health Organization (WHO), the world’s largest vaccine consumer.
The contract value is increased more than 25 percent from $23 million, Green Cross’ export of flu vaccine last year,
Green Cross has a plan to participate in a tender of the upcoming PAHO’s bidding of medicines for the northern hemisphere, so it is expected to increase its export considerably. Green Cross exports of flu vaccine hit the record of $40 million.
“The results from contracts through International organizations’ bidding has sharply risen to record the highest since 2010 when we started to export flu vaccine for the first time,” said a Green Cross official, ”We are going to flu vaccine until April based on this order.”
Meanwhile, Green Cross showed clearly that it could offset the stagnant demand in the domestic market through export with its exports surpassing $200 million for the first time as a Korean pharmaceutical company last year. Its flagship recorded KRW 100 billion in sales, and the sales of blood product are also on the rise mainly in the emerging market. Export of blood fraction product plants has also become a new engine of export.
The green light is on after Green Cross succeeded to win contracts of flu and varicella vaccines on a large scale. Green Cross expects that its exports of vaccine products will increase by 40 percent from the previous year.
By Lee Jae-seung
