A logo of Green Cross LabCell (Green Cross LabCell)
South Korean biopharma firm Green Cross LabCell has established a pet health care unit, the company announced Thursday.
The new entity, Green Vet, plans to introduce health care solutions and products that address various issues regarding the overall life quality of companion animals in addition to the essential medical support, said Green Cross LabCell CEO Park Dae-woo.
The technology and know-how of Green Cross LabCell, which specializes in cell curing agents and transportation of consignment inspection samples, would help the new business unit to enter the market, Park said.
The South Korean pharma company added it would increase partnerships with other firms to co-develop vaccines, medicines and specialty feeds for pets.
“The company plans to increase investment in research and development to later enter the global animal healthcare market,” Park said.
According to the Ministry of Agriculture, Food and Rural Affairs, the number of households with companion animals as of 2019 reached 5.91 million, accounting for 26.4 percent of all households in the country. The domestic markets related to companion animals are expected to grow to around 6 trillion won ($5.3 billion) in 2027, the ministry added.
By Shim Woo-hyun (email@example.com