CMG Pharmaceutical, a subsidiary of South Korea's CHA Biotech, on Monday announced the launch of an animal medicine unit and entry into the market for companion animal health care.
Jeon Hyeong-woo, head of CMG Pharmaceutical's companion animal medicine unit, was promoted to managing director to lead the company's animal medicine operations. A veterinary medicine major at Seoul National University, he previously worked for Estien, Elanco Animal Health Korea and Eagle Vet in development, sales and marketing of animal medicine.
Through the launch of its animal medicine unit, CMG Pharmaceutical expects to diversify its profit structure and achieve quantitative growth by entering the market for companion animal health care.
"We will develop veterinary medicine and health functional food based on our accumulated technology in the human medicine market and the experience of CMG Health Institute," a company source said. "CMG Pharmaceutical will utilize its strength in oral dissolving film technology to introduce products differentiated from those on the market."
The Korean market for companion animals is expected to reach 6 trillion won ($4.6 billion) in scale in 2027, more than a three-fold increase from 1.9 trillion won in 2015.
Write to Ji-Hyun Lee at
bluesky@hankyung.com
