Samsung is moving into the biotechnology business
Bloomberg Finance
Samsung vice chairman Lee Jae-yong.
The event was attended by Samsung employees and the future chairman Lee Jae-yong, son of Lee Kun-hee, who is the current chairman.
According to the WSJ, Samsung is looking to manufacture more biologic drugs, which are made from living cells and blood components rather than chemicals. This technology can be used to treat cancer and arthritis, among other things.
Samsung is applying its knowledge from making computer chips and other manufacturing to the new biotechnology plant. The company is looking to become the largest contract maker of biologic drugs, according to the WSJ, by making the process of manufacturing the drugs smoother and more efficient.
"Our new plant has been designed to allow operations to continue throughout the year, almost nonstop," said Samsung BioLogics chief-executive Kim Tae-han.
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