South Korean pharmaceutical company
Chong Kun Dang
|
Native name
| 鍾根堂
|
---|
Company type
| Public
|
---|
Industry
| Pharmaceuticals
|
---|
Founded
| May 7, 1941
; 83 years ago
(
1941-05-07
)
as Goongbon Pharmacy in
Seoul
, South Korea
|
---|
Founder
| Lee Jong-kun
|
---|
Headquarters
| Seoul
,
South Korea
|
---|
Key people
| Kim Young-joo (
CEO
)
|
---|
Revenue
| \
1.49 trillion (2022)
[1]
(
US$1.15 billion
)
|
---|
| \80.95 billion (2022)
[1]
|
---|
Number of employees
| 2,396 (2022)
|
---|
Website
| ckdpharm
.com
|
---|
Chong Kun Dang
(
Korean
:
鍾根堂
) is a South Korean
multinational
pharmaceutical company headquartered in
Seoul
. Founded as Goongbon Pharmacy under
Japanese rule
in 1941, it was renamed in 1946 and has since become one of the largest pharmaceutical manufacturers in the country.
History
[
edit
]
In May 1941, Lee Jong-kun founded a pharmacy in the
Ahyeon-dong
neighborhood of downtown
Seoul
amidst
Japanese rule in Korea
; it was known as Goongbon Pharmacy in Korean and Miyamoto in Japanese. Following the end of the colonial era, Lee renamed the pharmacy to Chong Kun Dang in 1946. In 1949, Lee established the company's first research lab, where it developed Korea's first-ever
thiadiazole
ointment.
[2]
By 1951, Chong Kun Dang grew beyond its origin as a small pharmacy and began wholesaling its products. The company was first registered as a
corporation
in 1956, at which point it had 30 drug formulas in production.
[2]
In 1965, Chong Kun Dang established the largest
raw material
pharmaceutical processing plant in Asia. In 1968, it became the first Korean drug manufacturer to receive approval from the
Food and Drug Administration
to sell in the United States. The company began exporting its products with American and British partnerships in 1971 and 1972 respectively.
[2]
In 1983, Chong Kun Dang partnered with Swiss healthcare corporation
Roche
to create Roche Korea, the multinational organization's branch in the country. In 1989, Chong Kun Dang manufactured Sokcheon, its first liquid-based
indigestion
medicine.
[2]
On November 23, 2020, Chong Kun Dang announced it had acquired the Korean distribution rights to SkyLabs's heart-monitoring ring. The deal, worth \2.5 billion (
US$2.2 million
), also granted Chong Kun Dang priority in negotiations for distribution rights in
China
,
India
,
Japan
, and the
Middle East
. Chong Kun Dang began retailing the product in Korea in December 2020.
[3]
On November 6, 2023, Chong Kun Dang agreed to a \1.7 trillion (
US$1.3 billion
) technology export contract with multinational corporation
Novartis
. The contract granted Novartis the global distribution rights for Chong Kun Dang's CKD-510, a
histone deacetylase inhibitor
posited as a potential treatment for
Charcot?Marie?Tooth disease
.
[4]
References
[
edit
]
- ^
a
b
"Chong Kun Dang Pharmaceutical Corp. Financials"
.
Barron's
. Retrieved
December 22,
2023
.
- ^
a
b
c
d
Lee, Ho-jeong (August 29, 2010).
"A long history of treating disease"
.
Korea JoongAng Daily
. Retrieved
December 22,
2023
.
- ^
Lim, Jeong-yo (November 23, 2020).
"SkyLabs, Chong Kun Dang team up for heart-monitoring ring"
.
The Korea Herald
. Retrieved
December 22,
2023
.
- ^
Manalac, Tristan (November 7, 2023).
"Novartis Inks Potential $1.3B Contract with Korean Biotech for Small Molecule"
.
BioSpace
. Retrieved
December 22,
2023
.