Daewoong Pharmaceutical (069620.KS) is accelerating its push into Indonesia's over-the-counter (OTC) drug market in partnership with the country's pharmacist association. The company aims to become the top player in Indonesia's OTC market by 2030 by strengthening pharmacist training and public health cooperation, while developing locally tailored products and localizing its brands.
Daewoong Pharmaceutical signed a memorandum of understanding (MOU) with the Indonesian Pharmacists Association (IAI, Ikatan Apoteker Indonesia) to enhance pharmacist expertise and promote public health, the company said Wednesday. Under the agreement, the two sides will pursue cooperation in areas including pharmacist education and expertise enhancement, academic and expert collaboration, public health and disease management, and drug localization and healthcare model development.
First, Daewoong Pharmaceutical and the Indonesian Pharmacists Association will operate customized training programs for local pharmacists. To strengthen patient-centered medication counseling capabilities, they plan to provide lectures on the latest drug trends and disease management. The training will be conducted regularly in the form of nationwide online webinars and regional offline symposiums.
The two sides will also jointly operate a council of local pharmacist experts. The council will take on the roles of drug planning tailored to consumer characteristics and brand advisory. Through this, Daewoong Pharmaceutical plans to localize key brands such as Easydew, Impactamin and EzN6 to suit Indonesia's climate, culture and consumer characteristics. The company also intends to actively reflect local expert opinions in its product planning and marketing processes.
In addition, the company will reflect on-site feedback in product development and marketing communications, and work to build a localized healthcare model that provides expert-based health information.
Through this cooperation, Daewoong Pharmaceutical aims to raise local consumer trust and strengthen brand competitiveness to become the top player in Indonesia's OTC market by 2030.
"This agreement will be a starting point for Korean and Indonesian pharmacist experts to learn and grow together, building a long-term partnership for the advancement of public health and the improvement of public health," said Park Eun-kyung, head of Daewoong Pharmaceutical's CH Marketing Division. "We will jointly design and develop cooperation models for education, public health and pharmacist expertise enhancement together with local Indonesian experts."
