Oslo: Celltrion Inc., South Korea's leading biopharmaceutical company, announced the launch of its new biosimilar drug, Omlyclo, in Norway. This marks the first entry of the product into the European market.
According to Yonhap News Agency, Celltrion is the first pharmaceutical company to introduce Omlyclo, a biosimilar treatment for chronic spontaneous urticaria, which is based on the original drug Xolair, in Europe. The company revealed its strategic plan to utilize its first-mover advantage to bolster its presence across the continent.
The launch in Norway is just the beginning, as Celltrion plans to expand Omlyclo's reach to five additional markets: Germany, Britain, Spain, France, and Italy. "We are seeking to secure a major share in the biosimilar markets of those countries by launching the new product as quickly as possible," stated Ha Tae-hoon, head of Celltrion's Europe division.
Over the years, Celltrion has significantly expanded its global biosimilar portfolio, with the number of approved products increasing from six to eleven. Looking ahead, the company aims to commercialize 22 biosimilars by 2030. This expansion aligns with market projections, which foresee the global market value growing from 138 trillion won this year to 261 trillion won by 2030.