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A. Armonaitė and representatives of South Korean pharmaceutical company discuss life sciences cooperation

Date

2023 11 17

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Minister of the Economy and Innovation Aušrinė Armonaitė met with Donghoon Lee, CEO of SK Biopharmaceuticals, one of the largest pharmaceutical companies in South Korea, to discuss further cooperation in the field of life sciences. 

"We are in contact with South Korean business giants and discuss their opportunities to expand their activities in Lithuania. This time we were looking for ways to strengthen cooperation between the countries and increase investments in life sciences. I have no doubt that Lithuania's favourable investment climate and South Korea's interest will help both countries to implement their plans," said Minister of the Economy and Innovation A. Armonaitė. 

SK Biopharmaceuticals develops new drugs and medical innovations. It is the first South Korean company to independently develop an investigational drug for epilepsy and the first to develop a compound for CNS disorders. The company has recently begun research into the development of drugs for the treatment of brain tumours. 

SK Biopharmaceuticals has also developed a drug development platform with an artificial intelligence algorithm, which will soon be presented to the international community. The company's annual turnover is €288 million.  

Trade between Lithuania and South Korea amounted to EUR 211 million in 2022. Our exports to South Korea amounted to EUR 114 million and imports to EUR 97 million.