Amid a global expansion push, SK bioscience has unveiled a growth strategy focused on broadening its reach in vaccine manufacturing and R&D.
Going forward, the company plans to focus on responding to the endemic phase of the COVID-19 pandemic and expanding its vaccine business to a global market.
Further, the company will eye purchases of cell and gene therapy and next-generation platform technologies. Lastly, it'll strengthen its global partnership, R&D and manufacturing capabilities to prepare for future pandemics and advance novel therapies, the company said.
Jaeyong Ahn, SK bio’s chief executive, recently presented the plan, dubbed “SKBS 3.0," to investors.
“Although it is a difficult situation due to the deterioration of the internal and external business environment, we are implementing a business strategy to raise the vaccine R&D and production infrastructure to a global level in order to meet the expectations of stakeholders,” Ahn said in a press release.
The company said it will utilize and grow its SKYCovione platform, which was the first South Korean-developed COVID-19 vaccine, to address the endemic phase of COVID. The platform is based on recombinant protein vaccine technology that has been used for development of many vaccines including those against influenza, hepatitis B and human papillomavirus.
SK bio will also restart production of flu vaccine SKYCellflu, which was temporarily stopped to focus on manufacturing SKYCovione, next year. The company expects the flu vaccine will help expand its domestic and overseas market share.
SK bio isn't stopping there, though. The company plans to extend its manufacturing partnership with COVID-19 player Novavax. It also aims to secure more manufacturing partnerships.
Additionally, plans are underway to expand production capacity fivefold at its Andong, South Korea, manufacturing facility.