Cho Yong-joon, chairman of Dongkoo Bio & Pharma, poses for a photo before an interview with News1 at the Lotte Hotel in Sogong-dong, Jung-gu, Seoul on Tuesday / News1
“Leading Dongkoo Bio Pharmaceutical beyond a pharmaceutical company into a healthcare enterprise, we’ve achieved various milestones. I believe that connecting these milestones through convergence can create added value. We place high importance on the ‘power of convergence’ through collaboration.” Dongkoo Bio & Pharma (Dongkoo) Chairman Cho Yong-joon shared this vision during a recent interview with News1 on Tuesday.Cho, who joined the company in 1991, became Chief Executive Officer (CEO) in 2005. For over two decades, he has steered Dongkoo’s growth, ascending to chairman earlier this year. Under his leadership, the company’s revenue surged from approximately 30 billion KRW (21.5 million USD) to 247.5 billion KRW (177.7 million USD) last year, an impressive eightfold increase. As chairman, Cho aims to transform Dongkoo into a global total healthcare company. He plans to uphold the founder’s can-do spirit along with the communication-centered management philosophy of the honorary chairman while adapting to rapid changes. At the heart of Cho’s vision lies convergence. This philosophy drives Dongkoo’s evolution from a dermatology leader to a comprehensive healthcare provider encompassing prevention, diagnosis, treatment, and management. Securing New Growth Engines Through Convergence… Targeting the Beauty Market Cho has identified beauty and cosmetic surgery as key areas for synergistic convergence. To this end, Dongkoo recently acquired a controlling stake in the medical device specialist Arum Medics. Cho explained that future growth requires merging biotech and healthcare to advance into anti-aging, beauty, and global markets. He added that the beauty and cosmetic surgery sector is evolving beyond aesthetics, integrating cutting-edge regenerative medicine for innovative treatments.The strategy aims to combine Dongkoo’s robust dermatologist network and marketing expertise with Arum Medics’ unique filler technology to achieve maximum synergy. Dongkoo is also developing a next-generation skin booster in-house. Cho elaborated that developing this booster required critical decisions on whether to classify it as a cosmetic, a medical device, or a pharmaceutical product, given the regulatory landscape. Further noting that this decision significantly affects timelines, costs, and outcomes. Finally added that finding the optimal pathway through regulatory dialogue also demands convergent thinking.
Cho Yong-joon, chairman of Dongkoo Bio & Pharma, poses for a photo before an interview with News1 at the Lotte Hotel in Sogong-dong, Jung-gu, Seoul on Tuesday / News1
Gateway Strategy for Global Expansion… Establishing a Foothold in Mongolia Dongkoo is expanding globally, beginning with a base in Mongolia. This gateway strategy targets countries with developing healthcare systems rather than established markets like the U.S. or Europe. Cho stated that it aims to enter countries with less developed healthcare ecosystems and transform them, and it’ll partner with capable local entities to share the ideas, technologies, and expertise in building healthcare ecosystems. Mongolia serves as the initial testing ground for this strategy. Dongkoo recently completed an ampoule manufacturing facility there, extending beyond contract manufacturing to include technology transfer and joint investment. This effort supports Mongolia’s pharmaceutical self-sufficiency by reducing its reliance on imports. Cho explained that it’ll first focus on Mongolia’s domestic market, then gradually expand to Commonwealth of Independent States (CIS) countries, Africa, and select Association of Southeast Asian Nations (ASEAN) nations as export hubs. He noted that starting with Mongolia, they’re establishing global footholds in the Philippines, Vietnam, Brazil, and China.Open collaboration with Qurient to Secure New Cancer Drug Compounds Cho is pursuing new drug development through open collaboration, investing in companies like Qurient. He emphasized that it’s impractical to fund global drug development solely from profits generated by pharmaceutical manufacturing. Further, investing in and nurturing biotech startups is a more efficient approach.Qurient is recognized for its potentially game-changing immuno-oncology pipeline. Qurient is developing drugs that enhance the efficacy of existing cancer treatments while minimizing their side effects, Cho noted. He noted that they could potentially secure 1 trillion KRW (718 million USD) in upfront payments from global pharmaceutical giants.Dongkoo plans to support Qurient’s global technology exports while securing domestic rights for the new drugs. Cho projects that if approved within five years, Qurient’s pipeline could generate 40-50 billion KRW (28.7-35.9 million USD) in annual sales in Korea by 2032.
Cho Yong-joon, chairman of Dongkoo Bio & Pharma, poses for a photo before an interview with News1 at the Lotte Hotel in Sogong-dong, Jung-gu, Seoul on Tuesday / News1 @@@
People are Paramount… Contributing to Global Health with a Can-Do Spirit
Cho’s vision is anchored in a deep belief in people and growth.
He stated that regardless of strategy or technology, it is people who execute and innovate. He noted that they are known as Young Dongkoo because of its open, horizontal culture, a tradition stemming from the communication-focused management my mother, the honorary chairman, initiated.
Continuing this legacy, Cho fosters an environment where employee ideas flourish. This approach has given rise to Dongkoo’s unique 5R culture: Redesign, Reward, Refresh, Relationship, and Recognition.
Cho emphasized that the goal is to be a company that people want to join and never leave. He noted they have cultivated an environment free from departmental silos, where anyone can propose ideas regardless of rank or tenure.
Cho believes that true value emerges gradually. He reflected that it took 19 years to grow the revenue from $21.5 million to $177.6 million. He highlighted that long-term thinking, embracing failure, and valuing collective growth are essential.
Under Cho’s leadership, Dongkoo is set to evolve from a drug manufacturer into a comprehensive healthcare solutions provider.
Cho concluded that the real journey begins now, and embracing the founder’s can-do spirit, it will continue to innovate to enhance global health and happiness.
Profile of Cho, Chairman of Dongkoo Bio & Pharma
△ Born in 1966 △ Bachelors in Business Administration, Korea University △ Master of Business Administration (MBA), Korea University △ CEO, Dongkoo Bio & Pharma △ Vice Chairman, Dongkoo Bio & Pharma △ Chairman, Korea Pharmaceutical Cooperative △ Director, Korea Pharmaceutical and Bio-Pharma Manufacturers Association △ Vice Chairman, KOSDAQ Listed Companies Association
