After the COVID-19 pandemic, businesses and governments emphasize the importance of pharmaceutical development and research in order to prevent such a global event from happening again. But pharmaceutical companies need time and resources to devote to this purpose. The demand for existing vaccines and medical treatments stands in the way of focusing on new treatments and developments.
The answer to this problem is contract manufacturing organizations. These companies, better known as CMOs, have the power to give the gift of time to pharmaceutical companies by manufacturing their vaccines and treatments for them.
The top CMOs have risen to the occasion by providing for the demand for production and allowing researchers to have more time to research and create life-saving medications. Samsung Biologics, a South Korean CMO, offers top-quality services to many pharmaceutical companies around the world. This company has established a strong international presence and managed to expand even during a global pandemic. While many businesses had to close their doors, Samsung Biologics offered innovative and reliable services to companies like Moderna, Eli Lilly, TG Therapeutics, and KAHR Medical Ltd.
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 early 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.
A Consistent Record of Success
Many companies are struggling to find their feet after the COVID-19 pandemic. But Samsung Biologics used this time to achieve success–and their 2021 first quarter earnings prove it.
Samsung Biologics CEO John Rim stated, “Our first-quarter financial performance was in line with our expectations and provides us with a strong start to the 2021 fiscal year. We have maintained a solid performance, and continue to see momentum from our expanding CDMO business globally while simultaneously making continuous advancements in our biosimilar subsidiary and new business models. As the world continues to navigate the difficult times amid COVID-19, we remain committed to supporting our clients and patients in delivering life-saving therapeutics in a timely manner.”
Their revenue increased by 26 percent since the previous year. Samsung Biologics attributes this gain to the expanded capabilities at Plant 3. Furthermore, their operating profits and net profits also increased. All of these successes mean that the company can continue to build and expand.
For Samsung Biologics, continual expansion means growing its biosimilar operations, creating new business models, and making even more partnerships with other pharmaceutical companies. By early 2023, Samsung Biologics will also complete its fourth plant, giving them greater manufacturing capacity at a single site than any other CMO.
This plant was planned to offer only the most up-to-date digitized processes. Pharma 4.0 enabled technology creates an atmosphere that enables data integrity. Multiple operation modes allow Samsung Biologics to continue offering the best production efficiency. The most advanced facility will be equipped with innovative, top of the line manufacturing technologies.
Furthermore, Samsung Biologics has added a new capability to its facility in Songdo. A mRNA vaccine DS production capability will be added to the already state-of-the-art location, most likely due to the company’s partnership with Moderna. The new addition to the Songdo facility will allow the CDMO to offer pharmaceutical companies end-to-end mRNA vaccine manufacturing services from bulk drug substance to aseptic fill/finish including labeling and packaging, along with cold chain storage.
Commitment to Its Mission
Samsung Biologics has navigated the past ten years in business with an unwavering commitment to its mission. In April 2021, the company revealed its new mission statement, “Driven. For Life.” CEO John Rim reiterated this statement when he said, “Rim said, “Samsung Biologics does not just develop and manufacture products, but produces life-saving solutions. We are driven for life.”
He also 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.”
To achieve client and partner satisfaction, Samsung Biologics has improved communications and automated additional processes, even in the middle of the pandemic. This addition brought the company’s gold star service to an even higher standard. The new procedures brought about better project management, faster delivery, and, ultimately, better patient outcomes.
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