Daewon Pharma CEO eyes leap to national drugmaker status

Daewon Pharmaceutical CEO Baek In-hwan. (Lee Seung-hwan)

Daewon Pharmaceutical CEO Baek In-hwan said the company will continue its steady march toward becoming a “national drugmaker,” expanding beyond its best-selling cold medicine line to strengthen its respiratory treatment portfolio and global business.

Baek, 41, is the driving force behind Korea’s first squeeze-type cold medicine, Coldaewon, which has sold over 500 million pouches since its 2015 debut — the equivalent of roughly ten doses per Korean. The product has generated 110.6 billion won ($81 million) in cumulative sales, growing from 600 million won in its first year to 6.1 billion won in 2019, 20 billion won in 2022, and 31.8 billion won in 2023.

“Being called a ‘national cold medicine’ is a bit overwhelming, but I take it as recognition of our dedication and pride in quality,” Baek said. “We’ll keep walking steadily toward becoming Korea’s representative pharmaceutical company.”

Coldaewon became a household name during the COVID-19 pandemic, when the Korea Disease Control and Prevention Agency (KDCA) included its children’s version in care packages for confirmed patients. While Tylenol supplies ran short, Daewon maintained full production. “Our Jincheon plant ran 24 hours a day, and the team worked through the night to ensure supply,” Baek said. “That experience taught me that public health must come before profit.”

Beyond Coldaewon, Baek said Daewon plans to build a comprehensive respiratory portfolio covering acute bronchitis, asthma, chronic obstructive pulmonary disease (COPD), and pneumonia, adding, “We want Daewon to be known as the home of respiratory therapeutics.”

The company is also developing its second new drug, targeting commercialization within three to four years. After introducing Pelubi, Korea’s 12th locally developed new drug, in 2007, Daewon is now conducting Phase 3 clinical trials for DW4421, a potassium-competitive acid blocker (P-CAB) treatment for gastroesophageal reflux disease (GERD).

Over the past five years, Daewon has invested 8.7–11 percent of annual revenue in R&D. It is also partnering with Seoul Biohub to support promising biotech startups through open innovation and strategic investment for pipeline expansion.

Daewon’s Vietnam subsidiary serves as its global hub, with plans to expand into key Asian markets, including Japan, which Baek described as “one of the company’s most ambitious challenges.”

Despite his executive position, Baek frequently visits hospitals, academic conferences, and regional sales offices to engage directly with physicians and employees. He also hosts biannual town hall meetings where Q&A sessions last over an hour. “There’s always an answer on the ground,” he said. “I want to build a culture where failure isn’t feared but embraced as growth.”

Baek also highlighted the Daewon Harmony Choir, founded in 2007, as a symbol of the company’s spirit. “Our choir spreads good energy to society,” he said. “We practiced ESG long before it became a trend — it’s now part of who we are.”

He attributes the company’s enduring values to his grandfather, the late founder Baek Boo-hyun, who established Daewon Pharmaceutical in 1958 with a mission to produce curative medicines rather than simply distribute drugs. “At the Korea Pharmaceutical and Bio-Pharma Manufacturers Association’s 80th anniversary event, I saw my grandfather’s photo among industry pioneers — it was deeply moving,” he said.

Baek defines Daewon’s next phase with three values: youth, innovation, and globalization. “We have around 1,300 employees across Korea, each bringing their own ideas and energy,” he said. “My mission is to channel that passion into our philosophy — to keep running without fear of failure.”