All in all, Samsung’s strategic move has been successful. Samsung seems to see new growth engine lying in phamarceutical and medical instrument sectors in which Korea is far behind and which are also more recession-resistant than scale-intensive electronics business, and it has acted accordingly. As noted, Samsung has moved its electronics manufacturing overseas in the name of globalization.
Too much dependence on a single company is still a structural problem for Korea. Further, Samsung has been aggressively seeking profits outside manufacturing sector.
Samsung has been an important pillar that supports the so-called Korea Inc.
From Korea Herald:
Samsung Group announced Tuesday that its affiliate Samsung Biologics signed an agreement with U.S.-based Biogen Idec to set up a biosimilar joint venture by March.
With plans to build the biosimilar research and development center in Songdo, Incheon, next year, the two firms have agreed to invest $300 million for the joint venture. The joint venture has already hired 100 employees who will work at the new R&D center and expects to expand that figure to 200-300 people, said Samsung officials.
Biosimilars are officially approved copycat medicines developed after patents for the original biopharmaceuticals expire.
Samsung Biologics will take an 85 percent share in the joint venture, while Biogen Idec will take the remaining 15 percent, according to Samsung officials.
The signing of the agreement comes after the group declared earlier this year that it will expand into the healthcare business, designating it a new growth engine for the country’s largest conglomerate.
The group said it now has all necessary capabilities ― such as product development, clinical testing, manufacturing and marketing ― to transform into a global pharmaceutical company that has the possibility of becoming the group’s future cash cow.
Samsung Biologics is Samsung’s biopharmaceutical manufacturing unit formed earlier in April by merging it with U.S.-based Quintiles as the conglomerate aimed to diversify its business portfolio, looking for new cash sources.
http://www.koreaherald.com/business/Detail.jsp?newsMLId=20111206000857
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