South Korean biopharmaceutical company Celltrion Inc. announced on August 28 its strategic expansion into Vietnam's rapidly growing biosimilar market, launching two new products this year and targeting additional approvals to meet rising Southeast Asian demand.
The company successfully introduced Remsima, a biosimilar treatment for autoimmune diseases, in June 2024, followed by Herzuma for breast and stomach cancer in August. These launches represent Celltrion's initial entry into Vietnam's expanding biopharmaceutical sector.
Pipeline Expansion and Regulatory Strategy
Celltrion is pursuing Vietnamese regulatory approval for two additional biosimilars expected later this year. Remsima SC, a subcutaneous formulation of the company's autoimmune treatment, offers an alternative delivery method to the existing intravenous version. The company also seeks approval for Truxima, a therapy targeting blood cancer patients.
"Vietnam is a rapidly growing biopharmaceutical market and local demand for biosimilars is on the rise," said Chung Seung-sup, head of Celltrion's Central Asia Department. "To meet this demand, Celltrion will continue to introduce its high-quality biosimilar products to local patients."
Market Dynamics and Growth Potential
Vietnam's biopharmaceutical market reached a valuation of 10 trillion KRW ($7.3 billion) in 2023, according to the Korea International Trade Association (KITA). The market has demonstrated consistent expansion with an average annual growth rate exceeding 7% over the past decade, positioning it as an attractive destination for biosimilar manufacturers.
This growth trajectory aligns with broader regional expansion patterns, as Celltrion has simultaneously strengthened its presence across ASEAN markets including Malaysia, Singapore, and Thailand as part of its comprehensive global strategy.
Financial Performance and Future Projections
Celltrion reported strong financial results for the first half of 2024, with net income surging 73% year-over-year to 171.6 billion won during the January-June period. The company anticipates continued momentum in the second half, supported by planned launches of five new biosimilars: Omlyclo, Avtozma, Eydenzelt, Stoboclo, and Osenvelt across global markets.
The company has set ambitious targets for 2025, aiming to achieve 5 trillion won in annual sales, representing a 40% increase from the record 3.56 trillion won achieved in the previous year.
Global Portfolio Expansion
Celltrion has significantly expanded its global biosimilar portfolio, increasing approved products from six to 11. The company's long-term strategy includes commercializing 22 biosimilars by 2030, coinciding with projected global market growth from 138 trillion won in 2024 to 261 trillion won by the end of the decade.
This expansion strategy positions Celltrion to capitalize on the growing global demand for cost-effective biosimilar alternatives to expensive biologic therapies, particularly in emerging markets where healthcare accessibility remains a priority.
