Indonesian government promises full support for Daewoong’s projects

Daewoong Pharmaceutical said Wednesday that the Indonesian government has promised to provide full support for the Korean drugmaker’s various projects in the Southeast Asian country.

From left, Indonesian Minister of Maritime and Investment Affairs Luhut Binsar Pandjaitan, Daewoong Pharmaceutical CEO Jeon Seng-ho, and Indonesian Minister of Health Budi Gunadi Sadikin bump their elbows during the officials’ visit to Daewoong Pharmaceutical’s R&D Center in Yongin, Gyeonggi Province on Tuesday.

Indonesian Minister of Maritime and Investment Affairs Luhut Binsar Pandjaitan and Minister of Health Budi Gunadi Sadikin visited Daewoong’s R&D center in Yongin, Gyeonggi Province, on Tuesday. They discussed cooperation plans with Daewoong Pharmaceutical CEO Jeon Seng-ho and Park Hyun-jin, head of the company’s global business division.

The Indonesian officials showed particular interest in Daewoong’s Covid-19 therapy candidates Foistar (ingredient: camostat mesylate) and DWRX2003 (ingredient: niclosamide) as well as other new drugs, including stem cell treatments, under development.

The ministers also encouraged Indonesian employees and students working and receiving training at Daewoong, according to the company.

Many Indonesians are working at the company, and graduates selected by the University of Indonesia recently began receiving education on new drugs and biologics under Pharmaceutical R&D Education Program.

Daewoong has been expanding its business in Indonesia by building biopharmaceutical plants and research centers since the company established a joint venture, Daewoong Infion, with the local drug developer PT Infion, in 2012.

Daewoong also agreed to conduct clinical trials of its Covid-19 treatment candidates in Indonesia with the state-run National Institute of Health Research and Development in March.

“We have confirmed that the Indonesian government has similar objectives to ours in pharmaceutical business and researches through recent meetings,” CEO Jeon said. “We plan to build a close relationship with the Indonesian government through various business projects and R&D cooperation.”

Minister Luhut also said, “If Daewoong Pharmaceutical expands its businesses in Indonesia, our bio-industry will achieve further growth, and we will provide extensive support for the company.”