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Lotte enters the biotech industry as it trademarks ‘Lotte Biologics’

Lotte enters the biotech industry as it trademarks ‘Lotte Biologics’
Lotte enters the biotech industry as it trademarks ‘Lotte Biologics’

Lotte Group, the South Korean retail company, has reportedly registered the trademark of 'Lotte Biologics' with the Korean Intellectual Property Office (KIPO), indicating the company's formal entry into the biotech sector.

As per the KIPO, Lotte Holdings has registered for Lotte Biologics trademark last week, with business sectors comprising specialized biopharmaceutical development, medication processing, as well as medical diagnostic equipment for viral testing.

A Lotte Holdings stated that registering the Lotte Biologics' trademark was an integral part of the firm's preparations for the bio-industry push.

Lotte Holdings stated that it is looking into several ways to go into the bio market, but nothing is confirmed yet.

According to Lotte, no decisions have been taken regarding the company’s alleged purchase of a bio plant in the US.

Lee Won-jik, who was the head of Samsung Biologics' drug product arm, was recruited by Lotte last year. Lee is presently the leader of the firm's ESG management innovation office's bio team, also known as the second new growth team.

From June 13th to 16th, Lotte will also be participating in the Bio International Convention being held in San Diego, California. The event is the world's largest summit for the international bio industry and is put together by the Biotechnology Innovation Organization.

The company had previously signed up to the event under the Lotte Biologics name, however after the registered name sparked concerns about contract manufacturing operations as well as development, it altered the exhibitor's name to just Lotte.

According to Lotte Holdings, the change was implemented to avoid any misinterpretation of the firm's commitment to the bio sector, the company remained open to all business fields.

Lotte stated that it is participating in this year's convention since this year’s Bio International Convention is the sector's largest conference where the firm can witness and learn about insights and trends with regards to the bio business units in preparation.

At its March shareholders' meeting, Lotte Group indicated that health care and bio industries would be its future development engines. Lee Dong-woo, Lotte Holdings CEO, stated that the company intends to invest directly in these industries and promote them in the medium to long term.

Source credit: http://www.koreaherald.com/view.php?ud=20220505000217&np=1&mp=1

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.