Kick off meeting technology transfer phase 2 between Traphaco and Daewoong
On August 19th, 2021, Traphaco Joint Stock Company and Daewoong Pharmaceutical Limited Company, Korea (Daewoong) organized the kick off meeting of Technology Transfer Project for the the Phase 2.
In the Annual General Meeting of Shareholders of Traphaco Joint Stock Company (Traphaco) on March 31st, 2021, 5-year company development orientation for the period 2021-2025 has been set with the goals of compound growth rate for total revenue & profit in manufactured and exploited imports products; in which one of the most important activity is enhancing technology transfer for the phase 2 with Daewoong.
Determining the importance of this project, right after the Congress, the Non Herrbal Sub-Committee was established, focusing on 4 main areas: technology transfer products, new pharmaceutical products at Traphaco Hung Yen, exploited imports products and ETC channel products. Since the beginning of operation, the Sub-Committee has prioritized and focused resources on the Technology Transfer Project, coordinated with related departments, and delivered many positive results.
At the kick off meeting, Ms. Dao Thuy Ha - Deputy General Director of Traphaco, Co-Head of the Non Herbal Sub-Committee - presented an overview summary report on the operation results of the Non Herbal Sub-Committee. Accordingly, the objective of this project is to increase the proportion of ETC channel revenue, contribute to the goal of achieving the total revenue growth through the diversification of Traphaco's product portfolio; Increase the proportion of new pharmaceutical products with high scientific strength such as First Generic and Generic Drugs; Increase the amount of highly competitive new pharmaceutical products when participates in tenders activity at public health facilities, with the cooperation and support from Daewoong partner.
Mr. Lee Tae Yon - Co-Head of the Non Herbal Sub-Committee on shared about the results achieved from phase 1 will be valuable experiences to deploy phase 2 more effectively. In the past 6 months, Traphaco and Daewoong have discussed carefully and agreed to select 12 products that ensure the important criteria of: potential market; product differentiation, high therapeutic effect; suitable cost of materials and competitive advantage in Vietnam. The goal of technology transfer phase 2 is that all 12 products are deployed and create the most of market opportunities.
Mr. Lee Tae Yon emphasized that in the upcoming period, Daewoong will work together with Traphaco and focus resources on R&D and product improvement to ensure the right roadmap that follow the plan.
Regarding the implementation method, the two sides together researched and transferred technology directly at the stage of commercialization to the market, that contribute to speed up the deployment speed and optimizing costs. Daewoong will accompany with Traphaco's R&D department to ensure trial production and get regulatory approval, thereby enhancing Traphaco's capacity. The total revenue for the 5 years forecast since the stage of products commercialization is expected to be $26 million. He believes that the cooperation between Traphaco and Daewoong will increase values to both parties, Traphaco will lead in the capacity of developing new products in the Vietnamese market in the near future.
Speaking at the meeting, Mr. Tran Tuc Ma - General Director of the company insisted that the Technology Transfer process is totally important for the company's goals and development orientation. Traphaco not only maintains its leading position in the pharmaceutical products field, but also desires to strongly develop non-herbal products that suitable with current market trends. Mr. Tran Tuc Ma, on behalf of the Board of Management of the company, strongly committed to create the best conditions and concentrate resources so that the technology transfer process between Traphaco and Daewoong takes place on schedule and bring products to market with highly efficiency according to the plan.
Mr. Nguyen Anh Tuan - Vice Chairman of the Board of Directors of Traphaco assessed the implementation of the technology transfer project is appropriate with the company's development orientation for the period of 2021-2025; approved by the General Meeting of Shareholders on March 31st, 2021. He shared about the trust of the Board of Directors, highly appreciated the active efforts of the Non Herbal Sub-Committee and the achieved results of the cooperation between the two sides.
The production line of tablet medicine at Traphaco's 4.0 pharmaceutical factory
The project will bring important values to Traphaco: in terms of revenue growth, financial efficiency and distribution channels, creating a good product portfolio with many categories of drug that have great market demand and other new technologies that are more suitable with the trend, improve the ability of research, development and manufacturing new medicines; He also emphasized the necessary to work closely with Daewoong in the upcoming time and committed to creating favorable conditions for both sides through coordinating role of the Board of Directors.
Previously, in March 2019, the Kick off Meeting of the Phase 1 Technology Transfer Project between Traphaco and Daewoong was successfully organized. Right after the kick off meeting, the transfer teams of the two sides developed and implemented a specific plan for the best technology transfer.