The novel coronavirus pandemic has impacted nations and businesses around the world. In some industries, it has increased activity and demand, particularly in areas related to medicine. Within this atmosphere, two organizations in the pharmaceutical industry have entered an agreement that will help them expand their offerings.
Samsung Biologics, who has seen the pandemic increase demand for their biopharmaceutical products, has partnered up with AstraZeneca for a mutually beneficial agreement to help both companies improve their ability to reach customers with the pharmaceuticals needed to improve their health and quality of life.
AstraZeneca and Samsung Biologics have announced that they will enter a long-term supply agreement. It will be worth an estimated $330.8 million, with the potential to increase to $545.6 million. This agreement will allow AstraZeneca to expand its ability to manufacture drugs in the Asia Pacific region.
Samsung Biologics has seen an increase in contract orders, particularly as the coronavirus pandemic has driven the need for pharmacological products, which has helped accelerate its expansion targets and goals. The company has plans to build a $2 billion biologics “super plant” that would help fuel its expansion and will draw notoriety for being one of the largest globally.
Under the agreement signed by the two companies, Samsung Biologics will use its Plant 3 to manufacture drug substances for AstraZeneca on a large-scale commercial level. They will also support the drug product manufacture of AstraZeneca’s biologic therapeutics.
The founding CEO of Samsung Biologics, Dr. Tae Han Kim, reported that his company is proud to partner with AstraZeneca so that the two companies can work on their common purpose of helping people with a variety of diseases.
The EVP Global Operations and IT of AstraZeneca, Pam Cheng, has indicated that this arrangement will help them continue to deliver their helpful portfolio of biologics medicines.
The formalities of this deal began back in June when members of both companies gathered in Incheon, South Korea at the headquarters of Samsung Biologics to sign a letter of intent. Founding CEO of Samsung Biologics, Dr. Tae Han Kim was in attendance, along with AstraZeneca Korea’s country president Juno Kim and other representatives of both organizations.
This initial signing was then followed by the official announcement of the deal in September 2020.
Samsung Biologics was founded with the stated goal of enriching life for humanity through biomedicines. The company has received recognition and rewards for its services related to each stage of pharmaceutical processes, from development to manufacturing and lab testing.
The company believes in the importance of serving customers and providing superior customer service as a foundational quality of the organization. Putting quality first lies at the center of the company ethic. As such, the organization has an exceptional regulatory approvals record and an excellent track record across its service and operations thanks to its attention to quality and service. The organization’s ability to design plants and then outperform its competitors without diminishing the quality of the product has led to a well-esteemed reputation within the industry.
The deal between AstraZeneca and Samsung Biologics will likely have a measurable impact on the production and availability of drug substances for customers globally. Both companies have seen growth and press related to the fight against the novel coronavirus, and this agreement can help them continue to serve the needs of the global population for a variety of diseases.