SK Plasma has signed a memorandum of understanding with Arab Company for Drug Industry and Medical Appliances (ACDIMA), a state-run drugmaker of Egypt, for the contract manufacturing of blood products and transfer of related technology.

The two companies promised to do their best to carry out the cooperation project without a hitch during the signing ceremony held at the Egyptian Embassy in Seoul, SK Plasma said in a press release Wednesday. Egyptian Ambassador to Korea Hazem Fahmy also attended the event.

The $330-million contract calls for producing 1 million liters of blood products based on Egyptian raw plasma material at SK Plasma’s factory in Andong, North Gyeongsang Province, SK Plasma's technology transfer, and the construction of a blood product division plant. SK Plasma is the first Korean blood product company to enter the Egyptian market.

SK Plasma CEO Kim Yun-ho and ACDIMA Chairman Olfat Ghorab shake hands after signing the MOU at the Egyptian Embassy in Seoul on Tuesday. Egyptian Ambassador Hazem Fahmy (third from left) looks on.

Blood products are national essential medicine to treat congenital immunodeficiency disease, hemophilia, and burn. However, there are only about companies in the world specializing in blood products because of a high technical barrier to development and production, as well as difficulties in securing a stable supply of raw material.

Egypt has relied on imports to meet its entire demand for blood products, but the technology transfer Plasma will help Egypt become self-sufficient in this area.

SK Plasma plans to start with the consignment production of blood material and proceed with technology transfer and the construction of a blood product division plant in a turn-key based project. SK Engineering and Construction, a sister company of SK Plasma armed with engineering, procurement and construction management capacity, will take part in the construction.

SK Plasma CEO Kim Yun-ho said, “We will continue to show more results based on our ability recognized by this MOU,” noting that the contract came only six months after a similar accomplishment in Indonesia.

ACDIMA Chairman Olfat Ghorab also said, “We are pleased to open the era of self-sufficiency for blood products by partnering with SK Plasma. I wish for the project's success as it has a large influence on the public health of Egyptian people.”

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