November 21, 2024

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Researchers at Daewoong Pharmaceutical carry out experiments in the laboratory. (Daewoong Pharmaceutical)

South Korean drug maker Daewoong Pharmaceutical said Monday that more than 88 percent of its patents registered over the past five years in the country have been for new drugs, reflecting the firm’s efforts to enhance its competitiveness in both domestic and global markets through the development of advanced pharmaceuticals.

According to data from the Ministry of Food and Drug Safety, Daewoong registered nine domestic patents from 2020 to September 2024. Of these, eight are related to the firm’s proprietary drugs: Envlo, an SGLT-2 inhibitor for diabetes treatment, and Fexuclue, a treatment for gastroesophageal reflux disease (GERD).

Daewoong explained that this achievement reflects the firm's strategic shift from relying on generic drug development to focusing on creating and securing patents for its own new drugs. This approach has not only strengthened its domestic competitiveness but also boosted its global presence.

Over the past five years, Daewoong has filed 847 overseas patent applications and registered 459 patents globally. By securing intellectual property rights for new drugs abroad, which grant exclusive rights in the countries where the patents are registered, Daewoong can protect its innovations and further expand into international markets, the firm added.

In addition, Daewoong has reinforced its new drug development efforts through its employee invention compensation program, which has been in place since 2012 -- in which the firm encourages innovation among employees by rewarding their contributions.

Daewoong Pharmaceutical and its parent company, Daewoong, also received recognition for their innovation efforts from the Korean Intellectual Property Office and the Korea Invention Promotion Association, with Daewoong Pharmaceutical being honored in 2021 and Daewoong in 2024.

“The high proportion of patents related to new drugs demonstrates our strengthened technological edge in global markets. It also shows how we are rigorously preparing for sustainable growth," said Lee Chang-jae, CEO of Daewoong Pharmaceutical. "We will continue to solidify our position in the global pharmaceutical industry through the development of innovative drugs.”

By Hwang Joo-young (flylikekite@heraldcorp.com)\