JW Holdings announced on June 2 that it has signed a contract with Baxter Healthcare Corporation to develop and supply products for new nutritional supplements targeting the U.S. market. Baxter is a global leader in the U.S.-based pharmaceutical and medical devices sector.
Under the deal, the two companies will jointly develop new nutritional supplements. In addition, JW Holdings will supply new products to Baxter through its subsidiary JW Life Sciences, while Baxter will be in charge of marketing activities such as distribution and sales of these products in the U.S.
Information on the new product and the contract size and terms will be kept private according to consultation between the two companies.
In addition, JW Holdings and Baxter will adjust their global business scope for FINOMEL. JW Holdings said in a public announcement on June 1 that the two companies have adjusted their sales and supply areas regarding the contract for the export of FINOMEL signed in 2013.
The sales and supply area of Baxter, which was previously "countries around the world except for Korea," has been changed to "Europe, Oceania, the Middle East and North Africa." Except for this, JW Group has distribution rights to the countries.
Under the deal, JW Holdings will be able to directly export FINOMEL to Asian countries with geographical advantages through Baxter's support and collaboration. Baxter plans to focus more on marketing activities targeting regions such as Europe and Oceania.
Han Sung-kwon, CEO of JW Holdings, said, "Thanks to our cooperation with Baxter on successful global business, we will pursue a joint project for next-generation products targeting the U.S. market," adding, "Based on our partnership with Baxter, we will further strengthen our efforts to tap into the global nutritional supplement market."
Meanwhile, after signing a global cooperation contract with Baxter for FINOMEL, which was developed with its own technology in 2013, JW Group expanded its production line for comprehensive nutritional supplements at its Dangjin plant in South Chungcheong Province and obtained EU-GMP certification in March 2018. To date, FINOMEL has obtained sales permits in 19 countries around the world.
Although Korean pharmaceutical companies have developed and exported refined, capsule, ampoule, and vial-type medicines to advanced markets such as the U.S. and Europe, JW Group is the only Korean pharmaceutical company to enter the global sap market, including Europe, and is the first Asian pharmaceutical company to enter the market.
