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YONGIN, South Korea, July 21, 2023 /PRNewswire/ -- GC Biopharma, a South Korean biopharmaceutical company, announced on the 18th that its quadrivalent flu vaccine called GC FLU Quadrivalent Pre-filled syringe inj. has been approved by the Egyptian Drug Authority.
This is the first approval the company has obtained on its quadrivalent flu vaccine on the African continent.
Egypt has one of the largest pharmaceutical markets in the African region, with the size of the seasonal flu vaccine market estimated at 45 million dollars as of 2022.
Based on the company's internationally recognized seasonal flu vaccine production technology, GC FLU has been expanding its export volume and number of markets every year, proving the safety and efficacy of the Korean-made vaccine to the world.
Taking this EDA approval as an opportunity, GC Biopharma plans to further expand its global presence which has been centering on Southeast Asia and Latin American regions to Africa and the Middle East regions. At the same time, the company will push ahead with entering into the private markets of individual countries based on its successful presence in the procurement markets of international organizations.
"The trend of moving away to quadrivalent flu vaccines is clear not only in the procurement market led by international organizations, but also in the individual private markets", points out GC Biopharma and further emphasizes, "We will target both international organizations' procurement markets as well as the private markets to draw synergy and boost our sales and profitability."
The flu vaccine market divides into two parts: the procurement market of international organizations represented by the PAHO of WHO and the UNICEF; and the private markets of each country that supplies pharmaceuticals based on the approvals of respective authorities.
While the international procurement market offers the advantage of ordering in large quantities for NIPs (National Immunization Program), the price competitiveness and subsequent profitability are the upside of private markets as the market price can be differentiated based on the situation of each market.
"We will continue to expand our global market share based on our half-century vaccine technology and manufacturing capabilities", said EC Huh, Ph. D., President of GC Biopharma.
Meanwhile, GC Biopharma is the largest seasonal influenza vaccine manufacturer and provider of PAHO and UNICEF, supplying flu vaccines to 63 nations worldwide. Egypt marks the 24th in the list of individual nations the company supplies flu vaccines to apart from international organization procurement. With its cumulative vaccine production recently reaching 300 million doses, the company continues to solidify its presence as a strong vaccine brand.
About GC Biopharma
GC Biopharma (formerly known as Green Cross Corporation) is a biopharmaceutical company that delivers life-saving and life-sustaining protein therapeutics and vaccines. Headquartered in Yongin, South Korea, GC Biopharma is one of the leading plasma protein and vaccine product manufacturers globally and has been dedicated to quality healthcare solutions for more than half a century.
This press release may contain biopharmaceuticals in forward-looking statements, which express the current beliefs and expectations of GC Biopharma's management. Such statements do not represent any guarantee by GC Biopharma or its management of future performance and involve known and unknown risks, uncertainties and other factors. GC Biopharma undertakes no obligation to update or revise any forward-looking statement contained in this press release or any other forward-looking statements it may make, except as required by law or stock exchange rule.
GC Biopharma Contacts (Media)
Seunghyun Baek
seunghyun.baek@gccorp.com
Sohee Kim
shkim20@gccorp.com
Yelin Jun
yelin@gccorp.com