In the beginning of 2019, CG Bio Co., Ltd., a global Bio company is accelerating its overseas expansion.
On last February 15th, CG Bio Co., Ltd., through PT Daewoong Pharmaceutical Company Indonesia which manages medical devices business in Indonesia had signing a distribution agreement for bone graft material products with PT Kalbe Farma, No. 1 pharmaceutical company in Indonesia. This agreement with total amount around 20 billion won (equals ± 250,6 billion rupiah) is as a stepping stone to enter Southeast Asia market.
This agreement includes Bongros and Bongener product, which is a bone healing products that consist of mineral and growth factors. These products are CG Bio’s representative products and No. 1 products in bone graft material market in Korea.
At the signing ceremony held in Jakarta, February 15th 2019, which was attended by Director of PT Kalbe Farma, Michael Buyung Nugroho and Chief of Representative of Daewoong Pharmaceutical Co., Ltd., in Indonesia, Richard Yang, it was agreed to do a cooperation for distribution of bone graft material products for 5-year plan.
PT Kalbe Farma is the biggest local Indonesia pharmaceutical company in the field of drugs and medical devices with total annual sales around 1,7 trillion won (equals ± 21,3 trillion rupiah) with more than 17,000 employees. PT Kalbe Farma has occupied no. 1 market share in Indonesia market and known as one of the top-ranked pharmaceutical company in Southeast Asia. Moreover, PT Kalbe Farma also have their own drugs and medical devices products in orthopedic field and gain their own market as well. Through this cooperation, it is expected to have a successful collaboration with CG Bio as a company which has product pipeline for tissue regeneration that combine growth factors, biomaterial, and ceramic through an innovative research.
CEO of CG Bio, Hyun-Seung, Ryu, said “We hope through this agreement will enable us to successfully start our business in Indonesia which has unlimited development potential.” In additional, he said “In the future, we will launch some additional products with successful clinical data in Korea, since we would like to contribute to improve Indonesian quality of life and the development of medical care in Indonesia. Moreover, we are planning to have some volunteer activity and education program for local people.” At the moment, we are planning to do a social activities for burn patients in Medan on September and starting from this March we would like to build global network so that Indonesian doctors can have opportunity to get some education training in Korea. We expect to contribute to the development of local medical technology by providing high quality education program.
