Boryung Establishes Commercial-Focused Subsidiary "Boryung Pharma Solution"
Dedicated to Pharmaceutical Sales and Marketing
Set to Launch as a Wholly Owned Subsidiary in January Next Year
Aiming for Over 10% Domestic Market Share
Focusing Capabilities on Sales and Marketing Excellence
Boryung is establishing a commercial-focused company called Boryung Pharma Solution that will specialize in professional pharmaceutical sales and marketing.
On September 15, Boryung held a board meeting and announced that it had approved a physical division to establish Boryung Pharma Solution. Following a shareholders' meeting in October, the new company will be launched in January next year as a wholly owned subsidiary with Boryung holding a 100% stake.
Boryung will restructure its business operations so that manufacturing and research & development (R&D), as well as space life science research, remain with the existing Boryung, while commercial operations such as sales and marketing are managed exclusively by Boryung Pharma Solution. Through this initiative, the company plans to further enhance the expertise of each business sector.
Boryung Pharma Solution has set a goal of achieving a domestic market share of over 10% and becoming the number one company in the Korean pharmaceutical industry. Boryung will concentrate its sales and marketing professionals in the new entity and plans to expand its product portfolio by continuously introducing blockbuster items from both within Korea and abroad, in addition to its own products.
Boryung will transfer employees in sales, marketing, and management support to Boryung Pharma Solution without changing their employment conditions. The new company will provide a compensation structure and professional growth opportunities specialized in sales and marketing.
Jungkyun Kim, CEO of Boryung, stated, "The launch of Boryung Pharma Solution for commercial specialization aims to focus on what each of us does best and drive greater growth." He also emphasized, "There are absolutely no plans for a sale, spin-off, or separate listing, despite any concerns that may be raised internally or externally."
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He added, "As a wholly owned subsidiary, Boryung Pharma Solution will be nurtured as a core growth driver for Boryung. By leveraging our expertise in sales and marketing and building a company that attracts the best sales and marketing talent, we aim to make this the driving force behind our leap to number one in the Korean pharmaceutical industry."
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