Samsung has prepared for this for some time.
As I have pointed out on more than a few occasions, I have my criticism on Chaebols. And yet, at times like these, we welcome Samsung’s move to create jobs in Korea. Biomedical and energy harnessing technologies will probably continue to advance regardless of global downturns.
From Bloomberg:
Samsung Group, the South Korean company whose businesses range from electronics to ship-building, will partner with Quintiles Transnational Corp. to make biologic drugs as it seeks new businesses to drive growth.
The venture, with 300 billion won ($266 million) in capital, will begin building a plant in the Songdo district of Incheon, near Seoul, in the first half of the year, Samsung Group said today. It will contract-make medicines made from living cells, and Samsung Group plans to expand into producing copies of biologics including Rituxan, the leukemia and lymphoma treatment sold by Roche Holding AG and Biogen Idec Inc.
The investment will help Samsung Group, South Korea’s largest industrial group, tap a market that boasts 5 of the world’s 10 bestselling medicines. The Seoul-based group may exceed its target to generate 1.8 trillion won a year by 2020 from biopharmaceuticals because of the demand for those medicines, Executive Vice President Kim Tae Han said.
http://www.bloomberg.com/news/2011-02-25/samsung-electronics-group-to-form-266-million-biopharmaceuticals-venture.html
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