SK chemicals Site ManagerSK chemicals Trast Patch Helps
to Cure Knee Joints of 1.3 Billion Chinese
- SK Pharma Beijing Founded on 23 November
- Korea’s first pharmaceutical marketing company in China has started marketing to attract custom of local hospitals.
- 50 billion won in sales expected by 2009 with own brand and marketing.
SK chemicals (CEO Chairman Kim Chang-geun) has entered the Chinese pharmaceuticals market with Trast Patch, the company’s arthritis cure.
SK chemicals Life Science held a launch ceremony for its subsidiary corporation in Beijing, China on 23 November following government procedures to establish its marketing subsidiary in China, under preparation since 1997.
SK Pharma Beijing, which is the first marketing subsidiary of a Korean pharmaceutical corporation, obtained its business license from China’s Trade and Industry Ministry last September, and completed its registration with the internal revenue and customs authorities as well as its corporate registration by full payment of its paid-in capital.
SK Pharma Beijing has completed local clinical trials of Trast Patch, its arthritis cure, and plans to have it registered on the list of drugs covered by local medical insurance in June, following approval by SFDA (China’s Food and Drug Administration) in February 2006.
The Chinese pharmaceutical market still stands at about 9 billion dollars, only 2% of the total world market. However, average growth has risen very rapidly at over 10% a year since 2003, as increased medical spending accompanies China’s rapid economic development and the rise in the aged population.
Currently, over 80% of the Chinese pharmaceutical market is represented by supplies to hospitals. SK Pharma Beijing plans to stage an intensive marketing campaign based on its superior product and marketing capabilities.