POONGLIM Pharmatech Inc. a medical device manufacturing company in Gunsan, Jeollabuk-do, has decided to build an additional factory in Saemangeum, which has drawn attention by developing a special syringe (LDV) with minimum injection residual technology after the novel coronavirus infection disease.

POONGLIM Pharmatech announced on the 26th that it signed an investment agreement with the Saemangeum Development Administration and Jeonbuk-do, Gunsan-si, and Korea Rural Community Corporation to build a "medicine and medical device manufacturing facility" in Saemangeum National Industrial Complex.

The company plans to invest 19.5 billion won in 13,200 square meters of Saemangeum Industrial Complex site in June to start construction of the fourth plant and hire 70 new employees by 2024.

POONGLIM Pharmatech will build its fourth plant to produce ophthalmic and joint sanctions, hyaluronic acid and collagen osteoarthritis treatments, and diagnostic medical devices. In addition, it is a plan to diversify the production area of medicines and medical devices in line with the gradually expanding demand in the medical market.

The company's additional investment is known to take into account the rapid progress of SOCs such as new ports, international airports, and railways in Saemangeum Industrial Complex and their proximity to third plants.

Earlier, POONGLIM Pharmatech invested 12.8 billion won in Saemangeum Industrial Complex (33,000㎡) in 2018 to build a third plant to actively produce medical devices such as syringes.

In particular, the company developed LDV syringes and took the lead in localizing medical devices in recognition of product quality in Korea, and exported them to countries such as the United States, Europe, and Asia to prove the excellence of K-quarantine. LDV is a special syringe with minimum injection remaining technology, and the remaining injection amount per time is less than 4ml, which is only one-twentieth of that of a general syringe (84ml).

Cho Hee-min, CEO of POONGLIM Pharmatech, said, "We are happy to build factories in Saemangeum, where the future is expected," adding, "We will become a company that contributes to the promotion of national health and national development by expanding production of not only medical devices but also pharmaceutical products."

Yang Chung-mo, head of Saemangeum Development Office, said, "We welcome additional investment by POONGLIM Pharmatech, which has informed the world of the status of K-quarantine in the COVID-19 pandemic," adding, "We will generously support to diversify our business into the pharmaceutical sector and grow into a global company."