"Over the past year, I have explored the potential success of health supplements with competitive pricing in pharmacies. While the pharmacy market remains attractive, it is still too high-end for my liking. We will work to revitalize the health supplement market centered around pharmacies."
Chairman Park Young-sun, the founding member of Onnuri Pharmacy Chain who established Rexpharm and inaugurated its factory last year, is now poised for significant growth.
During the past year, Rexpharm has laid the foundation for GMP certification and contract business, meticulously checked market conditions including pharmacies, and expanded the lineup of key products. The company is also exploring entry into the Chinese market.
Particularly, the pricing experiment for health supplements across over 150 pharmacies was approached with great care. While Rexpharm's products are available through general online distribution, Chairman Park primarily focuses on pharmacies as the key channel. It was he who proposed to the Korean Pharmaceutical Association during the early days of the pharmaceutical separation system that health supplements should only be handled by pharmacies.
Chairman Park’s main belief is that for pharmacies to regain their leading role in the health supplement market, they need to offer competitive pricing.
"Pharmacies are spaces where people can consult with top experts on health. However, their share in the overall health supplement market remains in the single digits and is declining, largely due to pricing issues. The current market is overwhelmed with experts and competitors, and products are distributed at excessively low prices. We need to first attract patients to pharmacies."
Chairman Park believes that the current high-end nature of health supplements in pharmacies could be addressed by providing quality products at affordable prices to boost sales.
The results have been successful. Prices were controlled compared to online platforms, with some products even priced lower than online. The number of patients and repeat purchases increased.
"While it's difficult to provide concrete data, it is clear that the rate at which patients return to pharmacies and sales of the products have both increased. Although the current low pricing and limited product range mean that pharmacies haven’t seen a significant boost, there is definitely hope."
Rexpharm plans to significantly expand its product lineup this year, focusing on core products such as collagen, glutathione, and beta-glucan among 6-7 products. Additionally, the company is preparing for expansion into the Chinese market, having already appointed a local expert to oversee operations there.
Supporting this business expansion is Vice President Jeong Sang-yun, a long-time acquaintance from Daewoong Pharmaceutical.
Vice President Jeong emphasized, "My past investment meeting with Chairman Park Young-sun has led to our current collaboration. Observing his unchanging passion and drive, I have regained my own motivation and ambition after leading a normal life post-retirement. I am committed to growing Rexpharm into a leading enterprise."
link: https://www.kpanews.co.kr/article/show.asp?category=B&idx=247237
"Over the past year, I have explored the potential success of health supplements with competitive pricing in pharmacies. While the pharmacy market remains attractive, it is still too high-end for my liking. We will work to revitalize the health supplement market centered around pharmacies."
Chairman Park Young-sun, the founding member of Onnuri Pharmacy Chain who established Rexpharm and inaugurated its factory last year, is now poised for significant growth.
During the past year, Rexpharm has laid the foundation for GMP certification and contract business, meticulously checked market conditions including pharmacies, and expanded the lineup of key products. The company is also exploring entry into the Chinese market.
Particularly, the pricing experiment for health supplements across over 150 pharmacies was approached with great care. While Rexpharm's products are available through general online distribution, Chairman Park primarily focuses on pharmacies as the key channel. It was he who proposed to the Korean Pharmaceutical Association during the early days of the pharmaceutical separation system that health supplements should only be handled by pharmacies.
Chairman Park’s main belief is that for pharmacies to regain their leading role in the health supplement market, they need to offer competitive pricing.
"Pharmacies are spaces where people can consult with top experts on health. However, their share in the overall health supplement market remains in the single digits and is declining, largely due to pricing issues. The current market is overwhelmed with experts and competitors, and products are distributed at excessively low prices. We need to first attract patients to pharmacies."
Chairman Park believes that the current high-end nature of health supplements in pharmacies could be addressed by providing quality products at affordable prices to boost sales.
The results have been successful. Prices were controlled compared to online platforms, with some products even priced lower than online. The number of patients and repeat purchases increased.
"While it's difficult to provide concrete data, it is clear that the rate at which patients return to pharmacies and sales of the products have both increased. Although the current low pricing and limited product range mean that pharmacies haven’t seen a significant boost, there is definitely hope."
Rexpharm plans to significantly expand its product lineup this year, focusing on core products such as collagen, glutathione, and beta-glucan among 6-7 products. Additionally, the company is preparing for expansion into the Chinese market, having already appointed a local expert to oversee operations there.
Supporting this business expansion is Vice President Jeong Sang-yun, a long-time acquaintance from Daewoong Pharmaceutical.
Vice President Jeong emphasized, "My past investment meeting with Chairman Park Young-sun has led to our current collaboration. Observing his unchanging passion and drive, I have regained my own motivation and ambition after leading a normal life post-retirement. I am committed to growing Rexpharm into a leading enterprise."
link: https://www.kpanews.co.kr/article/show.asp?category=B&idx=247237