The completion ceremony of the fourth factory of Samsung biologics was held in Songdo, Incheon, South Korea today. Samsung Electronics Vice Chairman Lee Jae-Yong attended the ceremony. Samsung Biologics' fourth plant in Incheon, 27 kilometers south of Seoul, broke ground in late 2020 and began partial operations earlier this month. With an area of 210,000 square meters, equivalent to the size of 29 football fields, it is currently the largest pharmaceutical factory in the world. The total investment in the plant exceeds 2 trillion won (about 10 billion yuan), an amount that exceeds the total expenditure of its previous three plants. It is expected to generate an economic effect of 5.7 trillion won and create 27,000 jobs.
After attending the ceremony and visiting the factory, Samsung Electronics Vice Chairman Lee Jae-Yong met with Samsung Bio's senior executives to discuss long-term strategies to improve the company's competitiveness as a contract development and manufacturing company and biosimilar producer.
In 2010, Samsung announced that the biopharmaceutical industry was one of five new areas leading the group's future development. Since then, the company has invested heavily in the field. Samsung Bio, now South Korea's fourth-largest company by market value, plans to invest another 7.5 trillion won by 2032 to build a second biocomplex in Incheon, where it will build four new factories and build an "innovation center" to Support local bio-startups.
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