Catch Muslims ... Korean pharmaceutical companies in Halal
Korean pharmaceutical companies have stepped out to enter Muslim countries. Pharmaceutical companies are doing their utmost to enter the Muslim national drug market by going through Indonesia and receiving the "Halal" certification.
Halal is a term for "allowed" in Arabic, and is a generic term for products that Muslim Muslims are allowed to eat.
Among the 7.6 billion people in the world, Muslims are said to have about 1.8 billion people, nearly 24% of the world's population. The Muslim population growth rate is 18.7% a year, more than four times the world average population growth rate of 4.3%.
The market for halal pharmaceuticals, which was worth US $ 75 billion (about 83 trillion won) in 2014, is expected to grow by 41% to US $ 106 billion (about 118 trillion won) by 2020.
According to industry sources, CKD-OTTO, Chong Kun Dang's Indonesia subsidiary, recently held a ceremony for the completion of a cancer drug production facility in Chikarang, Indonesia.
The plant acquired GMP (Pharmaceutical Manufacture and Quality Control Standards) approval from the Indonesian government last September. In February of this year, it received Halal certification from the ulama council (MUI), becoming the first halal certified anti-cancer drug manufacturer in Indonesia.
(Photo credit: http://www.ckd-otto.com)
Chong Kun Dang transferred the production technology and operation system and completed the trial production. It received approval from the Indonesian government to produce Gemcitabine and Paclitaxel. In addition to the two products, the company will begin commercial production in the second half of this year with the approval of major anti-cancer drugs.
Lee Jang Han, Chairman of Chong Kun-dang said, "Indonesia is a market with great potential for market size and growth potential." "We plan to launch the penetration into the global market starting this year when the anti-cancer drug starts commercial production."
Daewoong Pharma has established a joint venture (JV) biopharmaceutical production plant 'Daewoong Infion' with its local biopharmaceutical company Infion in 2014. The first product, Epodione (EPO), is preparing for Halal certification.
In the high-growth Muslim market, domestic pharmaceutical companies saw Indonesia's population as a potential. Indonesia has a population of 270 million people. It is the fourth largest in the world. The size of the pharmaceutical market is expected to grow from KRW 8 trillion in 2018 to KRW 13 trillion in 2023.
Prior to Chong Kun Dang and Daewoong Pharm, Ildong Pharmaceutical received Halal certification in Korea in 2015. It has obtained halal certification fromy the Korea Islamic Federation (KMF) for lactobacillus Lactobacillus sporeogenes, digestive bacteria Bacillus subtilis and nasan gynecologist Clostridium butyricum.
An industry official said, "There is a growing interest in halal certification for export to Muslim countries."