Biopharmaceutical Company Samsung Biologics Looks to the Future
The past year has been impactful like few others before it, changing the way the world thinks about sickness, medicine, and the people and organizations that work behind the scenes to bring lifesaving pharmaceuticals to people around the globe.
The biopharmaceutical industry has been brought front and center, and the world has taken notice of how its leading companies are helping to shape the future for the better. Developing lifesaving medicines, manufacturing hundreds of millions of vaccines, and investing in research that will lead to the next transformative medical breakthrough— all of these vital tasks are the realm of CDMOs, or contract development and manufacturing companies. These companies are contracted by organizations to expand their capabilities when it comes to researching, developing, and manufacturing biopharmaceuticals.
Perhaps no CDMO has made a bigger impact over the past year than Samsung Biologics, a leading name in biopharmaceuticals that's set to make even bigger waves in the near future.
CEO John Rim Looks to the Future
At the Annual JP Morgan Healthcare Conference at which Samsung Biologic's recently appointed CEO, John Rim, was asked to speak, he outlined a promising vision for the future of the CDMO that includes a commitment to innovation and reach.
“We will look beyond the next decade and evolve as the global top-tier biopharmaceutical company by securing future growth engines with continued investment and expansion in capacity, portfolio, and global footprint,” he said.
But what exactly does that mean for the company's future? A few recent developments and announcements from Samsung Biologics may hold the answers. Here are a few of the most exciting developments that have either occurred or are currently in development for the near future that give the impression that Samsung Biologics will be a CDMO industry leader for years to come.
A Historic Boost in Revenue
In 2020, Samsung Biologics announced a significant indicator of the company's bright future— their 2020 earnings report showed an increase in revenue of 463.2 billion Korean won, bringing their annual revenue over the 1 trillion won mark.
They also achieved their single highest record for quarterly sales in the 4th quarter of 2020, boosting sales an incredible 36.7% in a single quarter.
As companies have had to transform their strategies and make significant adaptations in the face of the COVID-19 pandemic, Samsung Biologics has been able to take these changes in stride and emerge stronger than ever. This has occurred even as they've had to adapt their global supply chain and invest in digital platforms. This all added up to a 2020 that saw a 2.5x increase in new contracts over the previous year.
A Record-Breaking Manufacturing Plant
The ‘Super Plant' is coming. Samsung Biologics made major waves when they made public their plans for a fourth manufacturing plant set to go live in 2023. At the time of its completion, the fourth plant nicknamed the ‘Super Plant' will boast the world's largest manufacturing capacity for a single manufacturing site.
Key features of Plant 4 will be digitized processes throughout, Pharma 4.0-enabled tech, multiple operational modes and N-1 perfusion cell culture systems— one of the most advanced biomanufacturing technologies currently available.
This will all provide Samsung Biologics more capabilities than ever in their mission to remain on the cutting edge of technology, pharmaceuticals, and client service.
Moving R&D Where the Action Is
Another major announcement came in 2020 when Samsung Biologics officially opened their research & development center in San Francisco. What makes this significant isn't just the facility itself, which will allow Samsung Biologics to provide R&D services with the most advanced technology and expertise available, but also the facility's location.
Building a facility in San Francisco gives the CDMO the opportunity to be closer in proximity to some of its key clients. This will allow for closer partnerships, better client satisfaction, and the ability to provide a flawless CDMO experience in the city that's known as the epicenter of biotechnology.