Dongwha Pharm

What Dongwha Pharm does

Dongwha Pharm is Korea's oldest pharmaceutical company, founded in 1897 as Dongwha Pharmacy by Min Byung-ho and listed on the Korea Stock Exchange since 1976. The company operates a vertically integrated pharmaceutical business built around a 400+ product portfolio spanning ethical pharmaceuticals (prescription drugs), over-the-counter medications, quasi-drugs, health functional foods, cosmetics, and beverages. Its core technology platform combines a Central Research Institute (established 1973) and Yongin R&D center, which developed the world's first radiopharmaceutical for liver cancer (Milican Injection, 2001) and Korea's 23rd domestically developed new drug (Zabofloxacin/Zabolante, approved 2015). The current R&D pipeline includes oncology (DW1023), immunomodulatory candidates (DW1024), TPD-mechanism fibrotic disease treatments (DW1031/1032), and functional probiotics (DW2009/2012/2013).

The company makes money primarily through one-time sales of prescription and OTC pharmaceuticals distributed via Korean pharmacy networks, the exclusive Daiso retail partnership, its own DW1897 e-commerce platform, and exports to 40+ countries. Iconic OTC brands — Whal Myung Su (digestive tonic, 85B+ bottles sold since 1897), Pancol (Korea's #1 cold medicine by sales), Fucidin (topical antibiotic licensed from LEO Pharma), Each (oral care), and Bargio (athlete's foot treatment) — anchor consumer-facing revenue, while prescription products (clozapine, quetiapine, amisulpride, antihypertensive Lacor, Milican Injection) drive institutional sales through hospitals and clinics. The company serves general consumers, pharmacies, healthcare institutions, and export partners, with go-to-market executed through dedicated sales and marketing teams. The 2023 acquisition of a 51% stake in Vietnamese pharmacy chain Trung Son Pharma for 391 billion KRW marks the company's largest overseas expansion and entry into Southeast Asian retail distribution, consolidated under the Dongwha G&P/Dongwha Development/Heung Jin Machinery subsidiary structure that provides backward integration in glass, packaging, and precision components.

Name

Dongwha Pharm

Legal name

동화약품주식회사 (DONG WHA PHARM. CO., LTD.)

Website

https://dong-wha.co.kr

Company type

Public

Founded year

1897

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Dongwha Pharm is Korea's oldest pharmaceutical company (founded 1897, KOSPI-listed 1976), manufacturing and distributing 400+ prescription drugs, OTC medicines, health functional foods, and cosmetics through pharmacy, Daiso, e-commerce, and export channels across 40+ countries.

Ownership category

akta.pro rank

Product category

Pharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412), Drugs and Druggists' Sundries Merchant Wholesalers (424210), Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Pharmaceutical Preparations (2834), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Generic Finished Dosage Form (FDF) Manufacturing (HLAIABAH)

akta.pro secondary industries

Specialty Pharmaceutical Distributors (HLAIAJAB), Cardiometabolic Pharmaceuticals (Cardiovascular/Diabetes/Obesity) (HLAIAAAE), Pharmacy Front-End & Sundries Distribution (Health & Wellness, Personal Care, Convenience) (CRAOAHAG)

Keywords

• Prescription pharmaceuticals
• OTC consumer healthcare
• Health functional foods
• Radiopharmaceutical development
• Derma-cosmetics manufacturing

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices3 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Pharmaceutical Products: Revenue from prescription drugs, OTC medications, and generic pharmaceuticals sold through pharmacies and healthcare providers in Korea and export markets
2. Health Functional Foods: Revenue from health functional food products and dietary supplements
3. Cosmetics: Revenue from cosmetic product sales including skincare and beauty products

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Dongwha Pharm manufactures and distributes a diversified pharmaceutical portfolio including ethical prescription drugs, OTC medications (Whal Myung Su, Pancol, Fucidin, Each, Bargio), health functional foods (MgLAB, Carelab), derma-cosmetics (Fusidyne, Reda, Fusid Daiso), functional beverages (BETTER), and medical devices. The company operates cGMP manufacturing in Chungju, an R&D institute in Yongin, and exports to 40+ countries through licensing partnerships with Pfizer, MSD, LEO Pharma, Daiichi-Sankyo, and others.

Product overview

Dongwha Pharm is Korea's oldest pharmaceutical company (founded 1897) with a diversified portfolio spanning ethical pharmaceuticals (prescription drugs), over-the-counter (OTC) medicines, quasi-drugs, cosmetics, health functional foods, food and beverages, medical devices, and household products. The core product lineup includes iconic OTC brands such as Whal Myung Su (digestive tonic), Fucidin (antibiotic ointment), Pancol (cold remedy), Each (gum/oral treatment), and Bargio (athlete's foot treatment), alongside prescription drugs including clozapine, quetiapine, and zabofloxacin. The company has expanded into health and beauty with sub-brands like Fusidyne Derma Trouble (skincare), Better (health beverages), MgLAB (magnesium supplements), and Intriinsic (medical skincare), while its R&D pipeline covers innovative drugs for cancer, immune diseases, and fibrosis (DW1023, DW1024, DW1031/1032) and functional probiotic ingredients (DW2009, DW2012, DW2013). Recent additions include Ecclock gel (hyperhidrosis treatment) and Carelab cognitive support (DW2009). The portfolio is anchored by a cGMP manufacturing facility in Chungju and an R&D center in Yongin, with international licensing partnerships covering products from companies including LEO Pharma, MSD, Pfizer, and Teijin.

Differentiator

Problem solved

Functional benefit

Brands

• 후시딘 (Fucidin): Topical antibiotic ointment for skin infections
• 활명수 (Whal Myung Su)
• 판콜 (PanCol)
• 잇치 (Each)
• 바르지오 (Bargio)
• 마그랩 (MgLAB)
• 배러 (BETTER)
• 후시다인 (Fusidyne)
• 인트린직 (Intrinsic)
• 케어랩 (CareLab)

Products and services

• Whal Myung Su (활명수) Korea's oldest carbonated herbal digestive tonic with 11 herbal ingredients; treats indigestion, loss of appetite, abdominal bloating, overeating, food retention, nausea, and vomiting; sold for over 129 years.
• Fucidin (후시딘) Topical antibiotic ointment for skin infections; contains fusidic acid; treats impetigo, folliculitis, and other bacterial skin infections.
• Pancol (판콜) / Pancol S / Pancol H Multi-symptom cold remedy in tablet and syrup forms; treats nasal congestion, cough, sore throat, and headache; ranked #1 in Korea cold medicine market for consecutive years; Pancol H (2025) is tea-type variant.
• Each (잇치) Gum disease and oral inflammation treatment in toothpaste form for gingivitis and mouth ulcers; also available as gargle liquid.
• Bargio (바르지오) Athlete's foot (tinea pedis) treatment available as once-daily brush application (원스), all-in-one cream (모두크림), and nail lacquer (네일라카); contains multiple active antifungal ingredients.
• Zabolante (자보란테) Novel quinolone antibiotic (Zabofloxacin); first domestic new drug developed by Dongwha Pharm; treats respiratory and urinary tract bacterial infections.
• Clozapine tablets (클자핀정) Clozapine tablets for treatment-resistant schizophrenia; available in 25mg, 50mg, 100mg, 200mg dosages.
• Ecclock Gel (에크록겔) Sofpironium bromide 5% gel; Korea's first topical drug for primary axillary hyperhidrosis (excessive underarm sweating); applied topically to reduce sweat secretion.
• MgLAB (마그랩) Premium magnesium health functional food brand; probiotic-based magnesium supplement targeting magnesium deficiency and muscle health; entered Japanese market in 2025.
• Carelab DW2009 (케어랩 인지력케어) Cognitive function improvement probiotic complex; first in Korea to receive MFDS individual recognition-type functional ingredient approval; targets memory and cognitive health for aging population.
• BETTER (배터) Personal health care beverage brand with variants BETTER Tension (energy/vitality), BETTER Rest (relaxation), BETTER Light (fatigue recovery), BETTER White (skin health), BETTER Apple Cider (wellness); targets daily health management.
• Fusidyne Derma Trouble (후시다인 더마 트러블) Derma skincare brand for trouble/acne-prone skin; includes FUSIDYNE Derma Pore 4D Collagen Wrapping Mask and Zinc Calming Sun Cream; sold at Olive Young and Naver targeting young consumers with acne.
• Intrinsic / Intrinsic MD (인트린직) Medical institution moisturizing skincare brand; includes cream, lotion, and eye gel formulations; sold at pharmacies and clinics targeting patients with dry and sensitive skin.

Quantifiable outcome

• 85 billion bottles of Hwalmyeongsu sold since 1897
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

21 partnerships are on record, tiered core and minor.

• LEO Pharma (Denmark)coreOthersLicensing partnership for Fucidin pharmaceutical product distribution in Korea
• DR.KADE (Germany)coreOthersLicensing partnership for Posterisan pharmaceutical product distribution
• MSD/Organon (USA)coreOthersLicensing partnership for Remeron product distribution in Korean market
• Pfizer (USA)coreOthersProduct partnership for pharmaceutical distribution in Korea
• MENARINI (Italy)coreOthersLicensing partnership for Menoctyl product distribution
• TEIJIN (Japan)minorOthersPharmaceutical product partnership
• ZERIA (Japan)minorOthersPharmaceutical product partnership
• Daiichi-Sankyo (Japan)minorOthersPharmaceutical product partnership
• MEBO (China)minorOthersInternational pharmaceutical product partnership
• Henkel (Germany)minorOthersHome products partnership
• Seoul National UniversitycoreStrategic or Co-development PartnerAcademic research partnership for pharmaceutical innovation and drug development
• Kyung Hee UniversitycoreStrategic or Co-development PartnerAcademic research partnership for pharmaceutical R&D and innovation
• Yonsei UniversitycoreStrategic or Co-development PartnerAcademic research partnership for pharmaceutical research and development
• Severance HospitalcoreStrategic or Co-development PartnerClinical research partnership for pharmaceutical development and testing
• Ajou University HospitalcoreStrategic or Co-development PartnerClinical research partnership for pharmaceutical development
• Seoul Asan HospitalcoreStrategic or Co-development PartnerClinical research partnership for pharmaceutical development
• ONCOCROSScoreTechnology or IntegrationTechnology partnership for oncology research and drug development
• CIMPLRXcoreTechnology or IntegrationTechnology partnership for pharmaceutical research solutions
• TakedaminorOthersBusiness partnership for pharmaceutical products
• CelltrionminorOthersBusiness partnership for pharmaceutical products
• DaisocoreChannel Partner/ Reseller/ DistributorRetail distribution partnership for OTC pharmaceutical products through Daiso stores across Korea

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Yuhan Corporation: Korea's largest pharmaceutical company by revenue with diversified branded prescription, OTC, and consumer health portfolio. Directly comparable to Dongwha in business model mix of ethical drugs, OTC brands, and health functional foods, with similar heritage brand positioning in Korea.
• Daewoong Pharmaceutical: Korean pharmaceutical manufacturer with both prescription drugs (NCEs like Nabota botulinum toxin) and OTC/consumer health products. Comparable to Dongwha in operating a cGMP manufacturing facility with diversified Rx and consumer health revenue streams.
• Green Cross Corporation: Korean pharma with plasma products, vaccines, and OTC consumer health brands. Similar to Dongwha in operating a hybrid prescription/OTC model with strong brand heritage (GC Wellbeing) and international licensing activity.
• Chong Kun Dang (CKD) Pharmaceutical: Korean pharmaceutical company focused on generics and specialty drugs with growing biosimilar portfolio. Comparable in scale and in operating a traditional Korean pharma model with both domestic manufacturing and distribution.
• Boryung Pharmaceutical: Korean pharmaceutical company with strong OTC franchise (Gwangmyeong-dae) and prescription drug portfolio. Comparable to Dongwha in heritage OTC brand strength and similar revenue scale in the Korean domestic market.
• Kolmar Korea: Korean health products manufacturer with strong OTC and health functional food portfolio plus cosmetics contract manufacturing. Comparable in consumer health/OTC positioning and similar emphasis on health functional foods and derma/skincare categories.
• Kwang Dong Pharmaceutical: Korean OTC-focused pharmaceutical company known for consumer healthcare brands including digestive aids and energy drinks. Highly comparable to Dongwha's Whal Myung Su franchise model with similar heritage tonic beverage positioning.

Broad incumbents

• Hanmi Pharm: Larger Korean pharmaceutical company with stronger focus on NCE development and global licensing deals. A broader incumbent in Korean pharma space with overlapping therapeutic categories but more international-focused business model.
• Celltrion: Major Korean biopharmaceutical company, leader in biosimilars. A larger incumbent that competes for R&D talent and capital in Korea, though with different primary focus on biosimilars rather than small molecule drugs.

Regional players

• Taisho Pharmaceutical: Japanese OTC pharmaceutical company with strong consumer health brands (Lipovitan energy drinks, etc.). Comparable business model focused on legacy OTC consumer healthcare brands, though operating primarily in Japan rather than Korea.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeinstagram.com/buchaepyo_fucidin
• Facebookfacebook.com/Fucidin.Diary
• LinkedInlinkedin.com/company/dongwha-pharm-co-ltd

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dongwha Pharm