Samsung Biologics surges ahead as Trump targets pharma imports Editor's Note: This article is the 31st installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, August 14 (AJP) - South Korea's largest contract development and manufacturing organization (CDMO) Samsung Biologics is charging ahead in global markets, even as U.S. President Donald Trump reshapes the biopharmaceutical landscape with sweeping protectionist measures. Trump has repeatedly signaled his intention to impose tariffs on pharmaceutical imports, finally announcing on Aug. 5 plans to levy a "small tariff" before escalating rates dramatically. "In one year, one and a half years maximum, it's going to go to 150 percent and then it's going to go to 250 percent because we want pharmaceuticals made in our country," Trump told CNBC in an interview. While global drugmakers scramble to assess potential damage, industry experts say Samsung Biologics is unlikely to face significant headwinds. The firm focuses primarily on CDMO contracts, its biosimilars unit Samsung Bioepis now spun off from the firm. "South Korea has relatively few drug substance or finished drug exporters at present, aside from major pharmaceutical companies," said Hwang Ju-rie, director of public and international relations at the Korea Biotechnology Industry Organization. "For tariffs to significantly impact the industry, we would need at least another decade, as most biotech firms remain in the research and development phase." Meanwhile, Samsung Biologics has been actively participating in global healthcare events such as the J.P. Morgan Healthcare Conference and Interphex Week Tokyo 2025, attracting international drugmakers as CDMO customers. A relative latecomer to the market, Samsung Biologics sprang to life after Samsung Electronics' late chairman Lee Kun-hee issued stern warnings that the group's cash-cow smartphone and LCD businesses could soon be overtaken by competitors. Needing fresh avenues for innovation, the group's future strategy office identified pharmaceuticals as a key growth sector. The biologics arm of Samsung began operations in early 2011, with the groundbreaking ceremony for Plant 1 held in May. Drug production and drug substance good manufacturing practices were established by 2013, followed by FDA approvals in 2015, positioning the firm for global expansion. Samsung Biologics went public in November 2016, fueling continuous growth. By 2020, it had opened an R&D center in San Francisco, and by 2025, the firm's fifth plant became fully operational, bolstered by robust CDMO operations. In a regulatory filing released on July 23, Samsung Biologics posted 324.4 billion won (approximately $233.5 million) in second-quarter net profit — a 2-percent increase year-over-year. Operating profit rose 9.5 percent during the same period to 475.6 billion won, while sales increased 11.5 percent to 1.28 trillion won. For the first half of the year, Samsung Biologics' sales totaled 2.59 trillion won with operating profit reaching 962.3 billion won — historic gains for the bio giant. The company attributed its second-quarter performance to steady operations at Plants 1 through 3 and accelerated operations at Plant 4. Samsung Biologics noted it has signed a series of large-scale CDMO deals with global pharmaceutical companies this year, surpassing 60 percent of its full-year order total from 2024. Despite current tailwinds, the firm faced scrutiny over legal conflicts concerning an alleged merger case dating back to 2015. Accusations claimed Samsung Electronics Chairman Lee Jae-yong committed unfair trading, stock price manipulation, and accounting fraud related to Samsung Group succession, with Samsung Biologics implicated in the fraud charges. On July 17, the Supreme Court finalized Lee's acquittal in the controversial merger case, clearing Samsung Biologics of all accounting fraud allegations. Samsung Biologics continues expanding its portfolio beyond major CDMO contracting, now venturing into contract research organization services as well. On June 16, the firm announced the launch of Samsung Organoids — advanced drug screening services designed to support clients in drug discovery and development. These three-dimensional cell culture systems are engineered to closely mimic human organs, providing better predictions for patient responses. "With Plant 5 now fully operational, we are leveraging our manufacturing expertise and expanded capacity to deliver seamless, end-to-end CDMO services at scale," said John Rim, CEO and President of Samsung Biologics, in a press release on July 23. Further announcing the firm's advancements in antibody-drug conjugates (ADCs) and the launch of Samsung Organoids, Rim said Samsung Biologics is redefining digitalization in biomanufacturing, its strategic initiatives to "strengthen our ability to accelerate client pipelines, while fostering enduring partnerships grounded in quality and operational excellence." As the global biopharmaceutical landscape undergoes rapid transformation amid trade tensions and technological advances, Samsung Biologics is well-prepared to capitalize on growing demand for both manufacturing expertise and cutting-edge research capabilities, cementing its status as a formidable player in the evolving life sciences arena. 2025-08-14 09:32:18

Ethylene producer avoids bankruptcy but clash remains over recovery plans SEOUL, August 13 (AJP) - Petrochemical company Yeochun NCC (YNCC) managed to avoid going bust after its shareholders, Hanwha Solutions and DL Chemical, agreed to provide emergency loans to their debt-ridden joint venture. In an emergency board meeting early this week, Hanwha and DL decided to inject 200 billion won (about $145 million) to rescue the country's third-largest ethylene producer, though tensions remain as both sides dispute the causes of YNCC's prolonged losses and continue to struggle to agree on a path to full recovery. DL criticized Hanwha for demanding lower feedstock prices, arguing that such terms would undermine YNCC's competitiveness. DL said it had proposed long-term supply contracts with a downward price cap intended to cover variable costs and help stabilize YNCC's business structure. It claimed Hanwha rejected those terms and instead pushed for feedstock prices that would disproportionately benefit itself, even at the expense of YNCC's fair profits. DL further warned that providing financial support without first addressing the root causes of YNCC's crisis would amount to blind backing, posing a risk of moral hazard and breaching fiduciary responsibility. On Tuesday, DL argued that the 2025 tax probe into YNCC was comparable to a 2007 audit, which had ended in its favor following a Supreme Court ruling. DL suggested that the circumstances were similar and implied that the current case should not be treated as a serious violation. This came after Hanwha revealed that the National Tax Service had imposed a 106.0 billion won (about $80 million) penalty on YNCC earlier this year for allegedly supplying ethylene and C4R1 at below-market prices. According to Hanwha, 96 percent of the total - about 96.2 billion won (about $72.6 million) - stemmed from transactions with DL. Hanwha issued a statement the following day to refute DL. The company stressed that the two audits involved different taxable items and produced entirely separate outcomes. It rejected the idea that the earlier ruling could be used to dismiss the findings of the current probe. Hanwha also took issue with DL's stance on product pricing. It claimed that DL had been pushing for an imbalanced structure - one where Hanwha pays a premium for ethylene, which it uses more, while DL receives discounts on products like C4R1, which it takes in larger volumes. Hanwha said its position has consistently been to set contract prices at fair market value. The two companies, which each hold a 50-percent stake in YNCC, remain at odds over how to move forward. Hanwha has approved an additional loan of 150 billion won (about $113 million) to YNCC. DL, meanwhile, has maintained that any financial support must be preceded by a clearer assessment of the company's financial condition and internal restructuring efforts. 2025-08-13 16:42:15

Global streaming experts to converge in Busan for festival next week SEOUL, August 13 (AJP) - Global developers, producers, IT professionals and other experts are expected to gather for an event to be held in South Korean southern port city of Busan next week, the Ministry of Science and ICT said in a press release on Wednesday. The annual International Streaming Festival, in its third year this year, is set to kick off its four-day run on Aug. 22 under the theme of "Streaming What's Next," with participants exploring the latest trends in streaming platforms, artificial intelligence (AI) and other advanced technologies. The festival will highlight cutting-edge developments including AI integration, free ad-supported streaming television (FAST) services, and advertising innovations while strengthening support for domestic companies seeking overseas expansion and investment opportunities. Organizers plan to encourage local industry workers and advertisers to join networking sessions with international investors, helping them make inroads into global markets. On the sidelines of the festival, an awards ceremony recognizing the best works on streaming platforms will be held on Aug. 24 at the Busan Cinema Center, an outdoor theater that serves as the main venue for the annual Busan International Film Festival (BIFF). Netflix’s hit South Korean series "When Life Gives You Tangerines" will compete for an award along with popular series from other streaming platforms including China's Youku and the U.S.’ Disney Plus and Prime Video. At another event on Aug. 22 during the festival, industry leaders from global research firms Omdia and Statista will deliver keynote speeches on market trends and strategies, followed by two days of relevant sessions. "This year's festival will serve as a stage for global exchange and collaboration among platform operators in AI technology and related content businesses," a ministry spokesman said. Organizers' selection of Busan as the festival venue seems intended to bridge conventional films and streaming content, as the coastal city hosts BIFF annually, with this year's fest scheduled for next month. 2025-08-13 16:04:26

State-run think tank maintains growth forecast for this year SEOUL, August 13 (AJP) - The state-run Korea Development Institute on Tuesday decided to keep the country's growth forecast for this year unchanged at 0.8 percent. The figure remains the same as the think tank's previous forecast in May, despite the government's series of measures including a 30 trillion won supplementary budget and cash vouchers handed out to all South Koreans to boost consumption. KDI estimated private consumption will rise by just 0.2 percentage points to 1.3 percent thanks to the government's stimulus measures, but the overall effect is expected to be minimal. Citing the prolonged slump in the construction sector as one of the reasons for its latest forecast, it projected that relevant investment is now likely to decline by 8.1 percent, down from 3.9 percent in its earlier projection. As economic uncertainties have somewhat eased after the country's recent tariff-related deal with the U.S. was reached late last month, the growth outlook for exports was revised to 2.1 percent, up by 1.8 percentage points. KDI's latest forecast is in line with projections from the Bank of Korea (BOK), as well as other major foreign financial institutions such as the International Monetary Fund (IMF) and the Asian Development Bank (ADB). 2025-08-13 14:33:42

Annual report highlights media censorship despite 'no significant changes' in South Korea's human rights situation SEOUL, August 13 (AJP) - The U.S. raised concerns over media censorship, restrictions on freedom of expression, and worker's rights in South Korea in its annual human rights report released on Tuesday. Despite "no significant changes in the human rights situation" in the country, the State Department enumerated several cases, that occurred last year, including "credible reports of restrictions on freedom of expression" and some violations of workers' rights and discriminations. "Media outlets and unions expressed concern about restrictions on freedom of the press and expression and questioned the impartiality of the Korea Communications Standards Commission (KCSC), a quasigovernmental media watchdog whose nine commissioners were political appointees," the report pointed out. Taking the case of the yearlong strikes by doctors protesting the government's medical reform plan to increase medical school admissions and the penalties they face, it also wrote, "The law provides most workers the right to form and join independent unions, conduct strikes within strict limits, and bargain collectively, though certain limitations apply." With the country seeing an increasing influx of foreign workers, the report said, "In general, the government effectively enforced laws on wages and acceptable working conditions in most sectors, but migrants faced discriminatory laws." 2025-08-13 14:30:54

South Korean crypto fraudster pleads guilty to fraud charges in US SEOUL, August 13 (AJP) - Crypto fraudster Kwon Do-hyeong, also known as Do Kwon, pleaded guilty to fraud charges at a federal court hearing in New York on Monday. The so-called "Cryptocrash King" was behind the spectacular collapse of the TerraUSD and Luna cyber that caused over $40 billion in losses to investors in the U.S. and around the world. As part of a plea bargaining deal, the former entrepreneur of Singapore-based Terraform Labs, who faced up to 25 years in prison, admitted to charges of conspiracy to defraud and wire fraud, with prosecutors agreeing not to seek a sentence longer than 12 years while confiscating around US$26.5 billion and other assets. In addition, if Kwon serves half of his sentence and abides by his plea-bargaining agreements, U.S. authorities have also agreed to accept his possible request for their international prisoner transfer program, allowing him to serve the remainder of his prison term in South Korea. "I made false and misleading statements about why it regained its peg by failing to disclose a trading firm's role in restoring that peg," Kwon apologized for his conduct in court. "What I did was wrong." Kwon had claimed his innocence since being extradited from Montenegro in January, where he was arrested in March 2023 while attempting to board a flight using several forged passports. He initially pleaded not guilty to all charges during his arraignment. The TerraUSD collapse sent shockwaves through the cryptocurrency industry, as the stablecoin was designed to maintain a $1 peg through an algorithmic system. Prosecutors alleged that trading firms artificially propped up the token's price, contradicting Terraform Labs' public claims that its autonomous mechanism, known as the "Terra Protocol" restored the coin's value. Kwon's sentencing, which will determine his final prison term, is scheduled for Dec. 11. If he eventually manages to return to Seoul, there remains a chance that he could face separate charges here. 2025-08-13 11:25:51

Ex-first lady arrested over multiple charges SEOUL, August 13 (AJP) - Former first lady Kim Keon Hee was arrested late Tuesday after a court issued an arrest warrant over a series of allegations. The Seoul Central District Court issued the warrant around midnight for the wife of disgraced former President Yoon Suk Yeol, citing the risk of tampering with evidence after a hearing earlier in the day. With her arrest, Kim and Yoon became the country's first former presidential couple to be held at the same time, as her husband has been detained at a remand prison in Uiwang, Gyeonggi Province since early last month over charges related to his botched Dec. 3 declaration of martial law. Allegedly having partly colluded with Yoon, Kim has been accused of accepting bribes including a luxury handbag and jewelry, being involved in a stock manipulation scheme, and interfering in candidate nominations during the 2022 by-elections. Kim reportedly denied all allegations during the hearing, with her lawyers pleading for consideration of her poor health. They also emphasized that she had fully cooperated with the investigation and had no intention of fleeing. However she could not avoid arrest as independent prosecutors presented some evidence of bribery. Kim, who lost all her privileges as an ex-first lady including security details immediately after her arrest, was moved to a different remand prison in southern Seoul from Yoon, with prosecutors allowed to hold her for up to 20 days for further investigation. 2025-08-13 09:49:42

PHOTOS: Event showcases beauty of hanbok SEOUL, August 12 (AJP) - The beauty of hanbok, or traditional Korean dress, continues to capture global attention, fueled by the huge popularity of South Korean dramas and films overseas. Hosted by the Ministry of Culture, Sports and Tourism and organized by the Korea Craft & Design Foundation, a four-day event was held last week in southern Seoul to ride the wave of hanbok's rising popularity, showcasing a diverse range of hanbok from over 150 brands. The collection included elegant, classical styles as well as creative and practical designs with modern touches by young designers, along with bags featuring traditional quilting techniques. The annual event, which marked the eighth time this year, offered participants a chance to learn about hanbok, which represents the country's aesthetic tradition, evolving in contemporary fashion with its sophisticated lines, vibrant colors, and elegant silhouette. Visitors were able to try on and purchase hanbok along with traditional accessories while appreciating the various hanbok on display. Free admission was also offered to those wearing hanbok, encouraging more people to be spotted at the event in traditional dress. Even those who were unable to wear hanbok could explore the event with an affordable admission fee of 5,000 won (about US$3–4). A fashion show featuring various hanbok for children and adults, with themes based on the country’s four distinctive seasons, was also held on the first day of the event last Thursday. Many booths featured their own unique themes including one where visitors could experience ddakji, a traditional paper tile game that gained fame through Netflix's hit series "Squid Game." 2025-08-12 18:08:16

Ex-first lady awaits court's decision on arrest warrant SEOUL, August 12 (AJP) - The Seoul Central District Court is set to decide whether to arrest former first lady Kim Keon Hee over a series of allegations. The wife of disgraced former President Yoon Suk Yeol arrived at the court in the morning for a hearing that lasted about four hours, before being taken to a remand prison in southern Seoul to await the court's decision. Kim has been accused of accepting bribes including a luxury handbag and jewelry, being involved in a stock manipulation scheme, and interfering in candidate nominations during the 2022 by-elections. Independent prosecutors investigating her said Kim poses a high risk of destroying evidence after denying all charges during her previous questioning last week. But her lawyers insist that she had fully cooperated with the probe, had no intention of fleeing, and was in poor health. Yoon, the impeached ex-president and Kim's husband, is currently detained in a different remand prison in Uiwang, Gyeonggi Province over charges related to his botched Dec. 3 declaration of martial law. If her arrest is issued, they would become the first former presidential couple in the country's history to be held simultaneously. 2025-08-12 17:22:52

Jobseekers face toughest market amid manufacturing slump SEOUL, August 12 (AJP) - Amid the prolonged economic downturn, the country’s toughest job market meant there were only 0.4 positions available per jobseeker last month, the lowest level seen in more than two decades. According to a monthly report released on Monday by the Ministry of Employment and Labor, the number of jobs available per jobseeker fell to 0.4 in July, down from 0.51 a year ago and also the lowest since July 1999. Job ads posted on government recruitment sites totaled approximately 165,000, down about 16.9 percent from the previous year, while the number of jobseekers rose 5.5 percent to around 411,000 during the same period. The ministry attributed the deteriorating job market to a worsening shortage of manufacturing-sector jobs, exacerbated by challenges in production and exports. Relevant figures reflect this trend, as the number of employment insurance subscribers dropped by some 5,000 workers in manufacturing and 19,000 in construction amid a prolonged industry slump lasting more than two years. But service industries and healthcare and welfare industries managed to add more jobs, among the country's total 15.6 million workers with employment insurance as of July. Applicants for unemployment benefits remained relatively stable at 111,000 in July, down slightly from the previous year. However, total benefit payments rose 3.3 percent to 1.1 trillion won as more unemployed workers and jobseekers have lingered for several more months in finding their new jobs. 2025-08-12 17:01:03