SEOUL — SK bioscience Co., part of South Korea's SK Group, announced a new strategic plan called SKBS 3.0 Reboot on Monday, targeting future pandemic preparedness and expansion into new business areas in the aftermath of the COVID-19 era. The initiative is set to enhance the company’s vaccine portfolio, bolster research and development, and promote global distribution capabilities.
According to Yonhap News Agency, SKBS 3.0 Reboot aims to not only advance the company’s research infrastructure but also to address global health crisis readiness through increased R&D investments and the establishment of manufacturing facilities in regions with inadequate vaccine infrastructure. This effort is part of SK bioscience’s ambition to establish itself as a major hub for vaccine distribution worldwide. The firm increased its R&D spending significantly, allocating 31.75% of its annual sales to research in 2023, up from 24.74% in the prior year.
Additionally, as part of its strategic overhaul, SK bioscience recently started the expansion of its Andong vaccine manufacturing facility, located approximately 190 kilometers southeast of Seoul, to produce its next-generation pneumococcal vaccine, GBP410. Company officials expressed a commitment to global market share expansion for existing products, such as influenza and shingles vaccines, alongside diversifying their portfolio to support mid-to-long term growth. The day also saw the reappointment of CEO Ahn Jae-yong at the company’s annual general shareholders’ meeting.