How Leading Biopharmaceutical Company Samsung Biologics Avoided COVID-19 Disasters
The global COVID-19 pandemic did not create a good time for businesses, no matter what the industry. Several big-name companies fell victim to the impossible, almost non-existent market and had to close their doors. Samsung Biologics, one of the leading biopharmaceutical companies in the world, managed to stay afloat as well as help medical researchers looking to create COVID-19 therapies and vaccines.
Samsung Biologics (and other biopharmaceutical companies) functions as a drug manufacturer for companies that create and develop medical treatments for a variety of different conditions, whether these conditions are genetic, bacterial, or viral. In a global pandemic, the world needs companies like Samsung Biologics to help manufacture vaccines and treatments for the deadly disease that has stopped commerce and everyday activity.
Partnerships, innovation, and a commitment to the best practices and efficiency created a perfect path for Samsung Biologics in the year 2020. That year served as the foundation for a new year of success and expansion in 2021, complete with new partnerships and the potential for even more partnerships to grow and add to the already impressive portfolio.
Biopharmaceutical companies play a key role in the restoration of the world and the global market after the destructive COVID-19 pandemic. It is only thanks to their efforts that vaccines can be distributed to more than seven billion people.
A Year of Success: 2020 and Samsung Biologics
In January, 2021, the final quarterly report for 2020 was released for Samsung Biologics. The company’s revenue rose by 66 percent in the course of the year. Based in Incheon, Korea, the company reported the highest sales in history in their fourth quarter.
The pandemic did nothing to stop Samsung Biologics; rather, the company seemed invigorated by the challenge and grew in spite of it. They were able to manage their global supply chain deftly, despite the limitations in travel and mobility. Furthermore, the company invested in such technology enabled capabilities like Live Virtual tour, a platform that ensures the ability to host client due diligence and regulatory inspections. Rather than being forced to limit their contracts because of the lack of in person inspections, this investment allowed them to continue to expand.
Contracts came, in the form of millions of dollars worth of value. Samsung Biologics had managed to acquire more contracts than the year before. They maintained their level of quality and efficiency in the midst of these many contracts, which were valued at a total worth of $1.78 billion. These contracts were worth 2.5 times more than the contracts held in 2019.
In 2020, Samsung Biologics also brought a new CEO onboard, in the form of John Rim, a former Samsung Biologics Vice President. “”I am deeply grateful and excited by the opportunity to lead Samsung Biologics into the next decade,” he said. “This is an extraordinary company, unparalleled in its phenomenal growth and dedication to client satisfaction, made possible by the company’s unrelenting vision and passion, and business execution by great people whom I will have the privilege to lead as CEO.”
Innovating for 2021: How Samsung Biologics Plans for the Future
After such a successful year, Samsung Biologics is not stopping to take a breath. Rather, the biopharmaceutical company plans to do more to extend its reach into the rest of the world, including the United States and Europe.
On the stage of global politics, Samsung Biologics holds the key to the Asian medical market, as well as a bargaining chip for other shortages that other parts of the world experience. As part of the powerful Samsung Group, Samsung Biologics can offer medical services and manufacturing, while the other parts of the conglomerate can offer technology manufacturing, a must in the age of semiconductor shortages.
President Moon Jae’s chief policy secretary, Lee Ho-seung, said that the United States looks at Korea as a place to turn into a global vaccination hub. Many big name producers of vaccines, such as Pfizer and Moderna, have already inquired about potentially partnering with Samsung Biologics. Moderna is also looking to expand into Korea, with a potential purchase on Yeongjong Island, near Incheon International Airport.
“Samsung Biologics could play a greater role as it already produces vaccines at its manufacturing plants in South Korea on a contractual basis. What Samsung wants is to acquire some patented technology not just to win vaccine production orders from Pfizer and Moderna, but to expand its supply lines in Asia and Europe,” said a senior executive to the Korea Times.
In the future, even without these partnerships, Samsung Biologics will work to grow its biosimilar operations, create new business models, and add even more partnerships to its already expansive portfolio. In 2021, the company will have finished building its fourth plant, which will have a bigger manufacturing capacity at a single site than any other plant.
The plant itself will work with the most up to date digital processes. Using Pharma 4.0 enabled technology, data integrity will be implemented throughout the system. It will also allow Samsung Biologics to work with multiple operation modes while still offering the best production efficiency. It will also be equipped with top the line, innovative biomanufacturing technologies.
But the biopharmaceutical company is still planning to do more. Plans are in the works to develop facilities in California, Massachusetts, and parts of Europe.
CEO John Rim said, “With a steadfast vision and unrelenting drive to achieve better life for all, we embrace responsibility, expertise, and pride in our work, and will continue on our noble mission to enable improved accessibility of biomedicines and consequently the quality of life for people around the globe.”