SK Group’s SK Biopharmaceuticals Co. shared that it plans to land a leading position among the world’s top healthcare companies. Moreover, the innovative next-gen drug developer aims to achieve the goal by 2030, with its enterprise value hitting 50 trillion won ($44 billion).
During SK’s company-wide “Financial Story” online event, SK Biopharmaceuticals announced its long-term plan to expand its business scope. Currently, the company develops epilepsy-focused medications.
Previously in May 2020, SK Biopharmaceuticals developed Cenobamate, a medicine treating partial epileptic seizure onsets. In the US, it distributed the drug under the brand name Xcopri. The company also released the drug to Germany in June this year.
Developing New Treatment for Neurological Conditions
For its newest objective, the SK unit would also manufacture medication for mental disorders, rare neurological conditions, and even cancer. SK Biopharmaceuticals CEO Cho Jeong-Woo stated that SK Biopharmaceuticals’ would introduce brand new products optimized for treating rare neurological diseases before 2025.
CEO Cho also said that the company is also researching medications for a broad range of mental disorders. To this end, SK Biopharmaceuticals strategically teamed up with pharmaceutical companies across various Asian and European markets.
Furthermore, CEO Cho revealed that the drug developer and researcher would increase its marketing efforts twofold. In particular, SK Biopharmaceuticals would strengthen operations globally and in the US. As a result, its corporate value could reach 25 trillion won ($23 billion) after five years.
During 2021’s first quarter, SK Biopharmaceuticals’ overall sales rose to 140 billion won from the previous 3.9 billion won, increasing over thirty-six times. Notably, this figure is a significant increase from the company’s record in the same period a year earlier.
Strengthening Company Capacity
SK Biopharmaceuticals also plans to introduce new drugs for central nervous system treatment across the US market. As part of this goal, the company would invest more in research and development. It would also increase funding for drug candidate scouting.
According to the drug maker, it plans to accelerate its digital transformation by utilizing artificial intelligence in drug development operations. SK Biopharmaceuticals would also employ RNA-based drug technologies to create treatments and medication.
Meanwhile, SK Biopharmaceuticals’ latest sustainable development report indicated that it has actively reinforced its ESG management drive. The drugmaker also plans to meet SK Group’s carbon neutrality vision.
Recently, SK Group announced that it would achieve carbon neutrality before the UN-passed 2050 target.
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