S. Korea seeks to boost animal medicine market to W4tr by 2035: ministry
The government also aims to increase the country's exports of veterinary medicine products fivefold to 1.5 trillion won and create 15 animal pharmaceutical companies with an annual revenue of at least 50 billion won each over the next 10 years, according to the Ministry of Agriculture, Food and Rural Affairs.
The ministry said the plan comes amid growing demand for animal pharmaceutical products around the globe, sparked by an increase in pet ownership, livestock product consumption and infectious diseases in animals.
To achieve the goal, the government will initiate a large-scale research and development project to secure core technologies needed for the development of new drugs for animals, including vaccines for infectious animal diseases.
It also plans to expand infrastructure for the animal pharmaceutical industry and adopt measures to strengthen the quality and safety of veterinary medicines and expedite the novel drug development process.
The ministry said it will push for the legislation of a special law aimed at fostering the industry.
To expand exports, the ministry plans to improve guidelines for good manufacturing practices for veterinary medicines to align them with global standards and work to join the international Pharmaceutical Inspection Co-operation Scheme by 2038 as part of efforts to gain a foothold in the American and European markets.
"The ministry will work to foster the growth of the animal medicine industry in the mid-to-long term to make it a new growth engine for the economy," Agriculture Minister Song Mi-ryung said. (Yonhap)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
an hour ago
- Korea Herald
TERREPOWER Solidifies Global Leadership in Sustainable Manufacturing as Multi-Billion Automotive and Industrial Aftermarket Continues to Surge
DAPHNE, Ala., Aug. 4, 2025 /PRNewswire/ -- TERREPOWER, formerly BBB Industries, a global pure-play aftermarket leader in sustainable manufacturing, continues to experience significant growth driven by its visionary leadership and innovative solutions for the automotive and industrial aftermarket. In 2024, the company produced 17 million remanufactured units out of 20 million total units while avoiding more than 160,000 metric tons of CO2 through its carbon neutral business model, positioning TERREPOWER as the world's largest sustainable manufacturer by volume. "Traditional remanufacturing extends the life of automotive and industrial parts while TERREPOWER's sustainable manufacturing processes also prioritize responsible sourcing, efficient waste management, a systematic approach to energy use and resource conservation for environmental stewardship," said Duncan Gillis, CEO of TERREPOWER. "Our success reflects both the exceptional value of our components for end users and the benefits of smarter sourcing, which keeps business flowing amidst market uncertainties and supply chain disruptions." TERREPOWER's scaled sustainable manufacturing process has advantages beyond environmental responsibility. For customers, it fulfills a strategic imperative to ensure operational continuity, economic stability and risk mitigation in a volatile global economy. With the shift from traditional far-shoring to near-shoring and on-shoring, amplified by today's dynamic environment of trade agreements and tariffs, sustainable manufacturing using core components and production close to customers becomes even more desirable. TERREPOWER boasts an extensive global reach with products sold in 90 countries, supported by a dedicated workforce of more than 10,000 people worldwide. The company is undergoing aggressive expansion propelled by growing demand for high-quality, sustainably manufactured products. The recent appointment of European business unit president, Michael Boe, based in Zug, Switzerland, signals the company's continued dedication to strengthening its capabilities in key markets internationally while maintaining its commitment to carbon neutrality. "TERREPOWER's commitment to innovation and sustainability, paired with its global growth strategy, makes this an incredible opportunity," said Michael Boe, president of TERREPOWER's European business unit. Sustainable to the Core Founded in 1987 as BBB Industries, the company has evolved from its roots as a family-run remanufacturing business in the American South to a global, scaled circular business—a testament to a clear strategic vision that underpins its growth. Earlier this year, the company rebranded to TERREPOWER to demonstrate its profound commitment to innovation and fostering a more efficient, resource-conscious future. Derived from the French word for "earth," "Terre" signifies a dedication to preserving valuable resources, while "Power" reflects the power of the company's value proposition. At the core of TERREPOWER's value proposition is delivering high-quality, sustainably manufactured aftermarket parts that meet or exceed OEM standards—at a significant cost advantage. Through meticulous remanufacturing of used or worn components to like-new condition, the company's approach effectively breaks the OE quality vs. cost trade-off, offering exceptional value by repurposing "core" materials without incurring the raw material extraction costs or the significant carbon footprint associated with manufacturing entirely new parts. TERREPOWER's success also reflects a global shift, where industries are increasingly transitioning from a traditional linear "take-make-waste" model to a circular economy paradigm propelled by escalating environmental awareness, regulatory pressures, and the pursuit of operational efficiencies and cost savings across sectors. These financial advantages, coupled with a reduced environmental footprint, enhance product appeal to eco-conscious buyers who are driving increased market demand. This positive feedback loop further incentivizes investment in sustainable infrastructure, accelerating a structural transformation of the market. Global Growth for the Company and Aftermarket Industry Remanufacturing is part of the broader aftermarket industry. According to Auto Care Association's most recent Auto Care Factbook, in 2024, total U.S. light-duty automotive aftermarket sales grew by 5.7 percent, reaching $413.7 billion. Sales in 2025 are expected to reach $435 billion. The broader automotive aftermarket (including light, medium, and heavy-duty segments) is forecasted to exceed $664 billion by 2028. This sustained growth, even amidst economic challenges such as inflation, highlights the industry's resilience and the increasing tendency of consumers to keep aging passenger vehicles, which now average over 12.8 years on the road. Remanufacturing is not limited to the automotive sector. According to the Remanufacturing Industries Council, it serves a wide range of markets from aerospace, automotive and consumer products to heavy duty equipment, information technology, locomotive systems and others. Globally, the industry is also experiencing substantial growth. Key trends driving its growth include increasing acceptance of the remanufacturing value proposition, inflation affecting affordability, aging equipment, decreasing number of traditional service professionals, technical complexity of modern parts, increasing global regulatory emphasis on circularity and sustainability, resource efficiency, and the reduction of carbon emissions. Other trends include a heightened demand for environmentally friendly vehicles from consumers and strong demand among fleet operators for cost-effective, high-quality alternatives to new parts. Micro trends influencing the future of remanufacturing include the accelerating shift to EVs, which presents challenges to traditional automotive parts remanufacturing and unlocks substantial new opportunities, particularly in battery remanufacturing. Ultimately, inherent cost-effectiveness coupled with their contribution to supply chain resilience positions remanufactured parts as economically compelling alternatives to new production. The appeal to buyers and decision-makers is clear. TERREPOWER serves as a reliable, value-driven and increasingly regional source for critical components. The company's innovative approach makes a compelling business case for sustainable manufacturing, and its success demonstrates that environmental responsibility and robust economic viability are not mutually exclusive but synergistic. Given the broad array of products that benefit from sustainable manufacturing and opportunities in Europe and other markets internationally, TERREPOWER's growth prospects continue to strengthen. With unwavering commitment to creating long-term value for customers through continuous innovation, TERREPOWER is catalyzing the growth of a circular economy for the automotive and industrial sectors worldwide. About TERREPOWER TERREPOWER, formerly BBB Industries, is the largest sustainable manufacturer in the world by volume. Founded in 1987 on a legacy of innovation, TERREPOWER is a global pure-play aftermarket leader specializing in providing high-quality components to the automotive and industrial markets. Based in Daphne, Alabama, TERREPOWER has a dedicated global workforce of over 10,000 employees and an extensive operational footprint throughout North America and Europe, including 19 sustainable manufacturing facilities, 14 distribution centers, and 28 brands with products sold in more than 90 countries, TERREPOWER is committed to strengthening supply chain resilience, reducing waste and advancing the circular economy. Learn more at
Korea Herald
4 hours ago
- Korea Herald
Minaris Advanced Therapies Opens New State-of-the-Art GMP Facility to Support Global Cell and Gene Therapy Growth
MUNICH, Aug. 4, 2025 /PRNewswire/ -- Minaris Advanced Therapies, a leading global contract development and manufacturing organization and testing provider, has announced the opening of its new GMP manufacturing facility in Munich, Germany. The facility, located in Taufkirchen, strengthens Minaris' global manufacturing network and reinforces its position as a trusted partner in advancing cutting-edge therapies from concept to commercialization. Minaris' new facility builds on over 10 years of experience in both the clinical and commercial manufacture of advanced therapies. The facility is built to support technology transfer of commercial advanced therapies into Europe. The new facility enabled the consolidation of process and analytical development, and all the legacy manufacturing operations onto a single site. Located just minutes from the Munich International Airport, the new facility offers a strategic logistical advantage for clients across Europe and beyond. The site includes: "The opening of this facility marks an important milestone in our mission to accelerate the development and manufacturing of transformative cell and gene therapies globally," said Dr. Orla Cloak, Chief Executive Officer of Minaris Advanced Therapies. "It enhances our European footprint and enhances our ability to meet client needs with speed, quality, and scalability." "This facility embodies our shared vision for the future of cell and gene therapy manufacturing—scalable, flexible, and globally integrated," said Iain Baird, Chairman of the Board, Minaris Advanced Therapies. "The seamless transition into this new facility is a testament to the dedication of our team in Germany and the commitment Minaris Advanced Therapies has to bring long-term value to clients and patients worldwide." Minaris hosted an opening celebration at the new site on Thursday, July 31. About Minaris Advanced Therapies Minaris Advanced Therapies is a global contract development and manufacturing organization and contract testing provider with a focus on cell and gene therapies. Minaris Advanced Therapies is headquartered in Philadelphia, Pennsylvania, and has more than 650,000 square feet of infrastructure across the United States, Europe and Asia. The organization has manufactured and released over 7,500 GMP batches and has a global network that supports therapy developers through early-stage development, clinical trials and commercial manufacturing. Minaris Advanced Therapies is a portfolio company of Altaris. About Altaris Altaris is an investment firm with an exclusive focus on acquiring and building companies in the healthcare industry. Since its inception in 2003, Altaris has invested in more than 50 companies across a range of healthcare sub-sectors, with a consistent goal of delivering value to the healthcare system and generating attractive financial returns for investors. Altaris is headquartered in New York City and manages $10 billion of equity capital. For more information, please visit
Korea Herald
15 hours ago
- Korea Herald
S. Korea to host APEC ministerial meeting on food security
South Korea will host a meeting of agriculture ministers from the Asia-Pacific Economic Cooperation member economies this weekend to discuss measures to bolster food security in the region, officials said Monday. The meeting will take place in Incheon, west of Seoul, on Sunday under the theme "Driving Innovation in Agri-food Systems for Shared Prosperity," according to officials from Seoul's agriculture ministry. Ministers from the 21 APEC member economies, including the United States, China, Japan, Taiwan, Thailand, Australia and Russia, are expected to attend the upcoming meeting to discuss strategies for enhancing food security in the Asia-Pacific region. "As concerns over food security are growing amid the climate crisis and global supply chain disruptions, it is especially meaningful for South Korea, a nation at the forefront of agricultural innovation, to engage in discussions on food security cooperation with APEC member economies," Agriculture Minister Song Mi-ryung said in a press release. "Through this meeting, Seoul will work to further solidify international cooperation in the agricultural sector and actively promote the value and excellence of Korean food and agricultural products," she added. This year's meeting will also explore ways to harness artificial intelligence technology to drive agricultural innovation and respond to challenges posed by climate change and supply chain instability. From Wednesday to Saturday, Korea will also host various working-level meetings to discuss APEC's road map for strengthening regional food security by 2030, along with other related issues. (Yonhap)
