Samsung announced $205bn investment plan
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By 2023, Samsung will invest as much as $205bn in its pharmaceutical, biopharmaceutical, semiconductor and telecommunications industries. This investment is intended to support the company’s further growth and biosimilar drug production ventures by Samsung Bioepis and its Samsung Biologic contract manufacturing unit, which recently began producing Moderna’s COVID-19 vaccine. The company’s activities are aimed at preparing for the social and economic changes in the post-pandemic era, according to Samsung.
Samsung is to hire over 40,000 new employees and generate 560 000 new jobs. The company also plans to expand new facilities in its native South Korea for which it is allocating 180 trillion won ($154bn). There are three plants in the existing hub in Incheon, managed by Samsung Biologics, and two new ones are already under construction. The newly created fourth super-plant is to be of the same size as the previous three plants combined.
The last investment is directed at contract manufacturing of vaccines as well as gene and cell therapies, while at the same time allowing for further development of its biosimilars unit.
The construction of a new plant in Incheon is just the beginning of the company’s plans, as Samsung Biologics CEO John Rim commented. The company also intends to expand its production to the United States, Europe, and eventually China.
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