Seoul [South Korea], October 11 (ANI): Samsung Biologics Co is accelerating its expansion in Japan, the world's third-largest pharmaceutical market. The South Korean company has signed contracts with half of Japan's top 10 pharmaceutical and biotech companies, rapidly strengthening its presence in the region, according to a report by Pulse, the English service of Maeil Business Newspaper Korea.

'We have signed contracts with four of Japan's top 10 pharma companies and are in final talks with one more,' the report quoted Samsung Biologics CEO John Rim at BioJapan 2025 held in Yokohama on Thursday.

'BioJapan is a crucial event for us. To expand our client base from the global top 20 to the top 40 pharmaceutical companies, collaboration with Japanese firms is essential. That's why we established a Tokyo sales office and dispatched dedicated sales personnel,' he added.

Japan ranks third globally after the United States and Europe, with strong technological capabilities in antibody-drug conjugates (ADC) and cell and gene therapies (CGT).

Citing Research and Markets, Japan's contract development and manufacturing organisation (CDMO) market is projected to grow at an annual rate of 6.8 per cent from USD 12.3 billion in 2023 to USD 19.5 billion by 2030.

'The demand for CDMO services in Japan is rising, and our potential partnerships with major Japanese pharmaceutical firms are expanding,' the report quoted Rim. 'We are focusing on antibodies and ADC projects while building trust through face-to-face meetings.'

'The company recently raised its annual revenue growth forecast from 20-25 per cent to 25-30 per cent, suggesting that this year's revenue could reach around 6 trillion won (USD 4.23 billion), up from 4.55 trillion won in 2024,' the report said.

Regarding possible expansion into the United States, Rim maintained a cautious stance amid tariff uncertainties.

'We are continuously reviewing potential entry into the US market, and the likelihood is higher than it was two to three years ago,' the report quoted Rim. 'However, since labor and construction costs in the U.S. are more than 70 per cent higher than in Korea, we will make decisions after carefully assessing demand, tariffs, and process efficiency.'

Samsung Biologics' recently launched Plant 5 integrates automation and artificial intelligence technologies, reinforcing its smart factory infrastructure. (ANI)