"Director Park, two years is actually an optimistic estimate. Developing new drugs isn't something you can just think of. Our current technological capabilities are truly... still quite weak."
"President Mao, you've managed a research institute at an international pharmaceutical company. Please tell me honestly what our technical capabilities are like."
Mao Dayong lowered his head.
He was thinking about how to answer Park Jin Hyuk's question. Should he tell the truth? If he didn't tell the truth, the problem would not be solved.
He raised his head.
"Compared with the world's leading pharmaceutical companies, our R&D capabilities are at least 10 years behind, and perhaps even more."
Park Jin Hyuk was slightly stunned.
"I will do my best to make up for the gap as soon as possible."
The director of the institute lowered his head and spoke like a sinner.
"This isn't your fault. Now I know what the management level of DS Pharmaceuticals was like in the past."
Park Jin Hyuk continued:
"Okay, now that the problem is clear... what's the solution? Work hard? Work like hell? If none of that solves the problem, then what's the right approach?"
Mao Dayong said:
"I've thought about this for a long time. For a pharmaceutical company, new drug development is an unavoidable topic. However, it's true that this work won't produce results in the short term. That's why I chose to start with CMO and generic drugs, developing what I can do first, and then using the profits to move into new drug development. Managing Director Park, I suggest we take a long-term view and gradually narrow the gap in R&D capabilities. What do you think?"
After hearing what Mao Dayong said, the other executives nodded.
Although Park Jin Hyuk understood, he could not agree with Mao Dayong's statement.
It is impossible to make up for a 10-year gap in 10 years. For the DS Group, it may be possible to wait for 10 years, but for one of its business units, the group will not give you 10 years.
"As the saying goes, revenge is never too late, even after ten years. There are also stories like sleeping on straw and tasting gall in the past, all of which describe how it took a long time to finally achieve a goal. But does this apply to us? Investors don't have that kind of patience!"
All the executives in the conference room, including Mao Dayong, fell silent.
Park Jin Hyuk looked at everyone.
"We have to find a solution. If our R&D capabilities are not good enough, we will look for people outside who are capable, or acquire companies with R&D capabilities. By the end of this year, we must have three new drugs enter the clinical trial stage."
“Three?”
"I've looked at FDA statistics from the past 10 years, and the pass rate for Phase I clinical trials is 60%, the pass rate for Phase II is 30%, and the pass rate for Phase III is 60%. I also know that it's unrealistic to expect all clinical trials to pass immediately, but it's not impossible to develop a drug that passes Phase II and enters Phase III. Only by continuously advancing drugs into Phase III clinical trials and accumulating R&D capabilities can we eventually have a licensed product."
"You mean, it's not necessary to obtain sales approval and generate profits, right?"
"No, the purpose of a company is to pursue benefits. It's impossible not to create benefits. I wouldn't say that."
Park Jin Hyuk patiently explained his ideas. He did not mind everyone raising questions. Only by constantly colliding and reaching a consensus on the goal could it be effectively implemented.
"However, the current goal is to enter Phase III clinical trials. Three drugs must pass Phase I clinical trials and enter Phase II. Since the pass rate of Phase II is 30%, I set three goals, one of which may enter Phase III. This is the only way to convince the parent company and investors to support our project.
The director of the institute and Mao Dayong seemed to have something to say.
"If you have anything to say, just say it."
"It's already very tight to complete the approval of three projects before the end of this year, let alone get one of them through the Phase II clinical trial."
Park Jin Hyuk looked at Mao Dayong. This was not the answer he wanted to hear.
'Isn't this plan even possible?'
If such a task cannot be completed, when will the grand blueprint he has planned be realized?
"President Mao, let's have a private chat."
Everyone else had left, and they were the only two left in the large conference room.
“Are our R&D capabilities really that poor?”
"Manager Park, even though DS Pharmaceuticals is called a pharmaceutical company, it's actually no different from a health supplement company."
"Health supplement company?"
"Yes, after you came, we received orders for drugs like Bidafil, and the company began to look like a pharmaceutical company. Before that, the company only produced and sold health supplements. In the past 20 years, we had no experience in successfully developing new drugs. That's why I didn't promote new drug development, but instead chose other businesses first."
Mao Dayong said embarrassedly.
He understood what Park Jin Hyuk wanted, and he also knew that his words were pouring cold water on Park Jin Hyuk.
But it was the truth, that was all he could say.
Mao Dayong looked at Park Jin Hyuk anxiously.
"Then find a way! We can't just go around when there's no way forward. That'll only get us further and further away. If there's no way, we have to create one. We have to develop new drugs. You have to remember that!"
Park Jin Hyuk's tone didn't waver at all.
Mao Dayong looked at Park Jin Hyuk and realized that he was now obsessed with developing new drugs, and he had no intention of changing his goal once it was set.
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