HCmed Innovations, Co., Ltd. (HCmed) has announced a strategic agreement with Formosa Laboratories, Inc. and Formosa Pharmaceuticals, Inc. to expand its inhalation therapy business by offering contract development and manufacturing services. The three parties expect to become a one-stop shop in the biopharmaceutical industry as a full-service contract development and manufacturing organization by combining HCmed's vibrating mesh nebulizers, Formosa Laboratories' drug development and manufacturing capabilities, and Formosa Pharmaceuticals' APNT nanotechnology platform (CDMO).
According to data, the global market for inhalation drugs will reach $25 billion in 2020. Furthermore, as the COVID-19 pandemic has increased demand for respiratory treatment drugs over the last two years, so needs for developing respiratory drugs, prompting several well-known global pharmaceutical companies to take the lead in incorporating HCmed's proprietary mesh technology into the development of their inhaled products.
"Currently, global CDMO companies that focus on developing drug-device combination products cannot only provide their Pharma partners with a platform to deliver drugs, but also with integrated services that extend to drug development, mass production, and product packaging. Through these services, the combination product development time can be shortened, and costs can be reduced. With this objective, HCmed, Formosa Laboratories, and Formosa Pharmaceuticals aim to provide a fully integrated CDMO service platform, which is expected to expand the companies' business further, providing fully-integrated solutions and creating long-term win-win relationships."
CEO of HCmed, Jason Cheng
The two companies have similar ideas on how to grow their CDMO businesses. In the respiratory medicine industry, the agreement represents the merging of three significant leaders in the biotechnology and high-end medical device industries. With Formosa Pharmaceuticals' nanotechnology platform, Formosa Laboratories' API, ADC, and injection development and production experience, and HCmed's technology in developing customized mesh nebulizers, the parties hope to provide a comprehensive service across the entire development process, including early drug development, clinical trial execution, mass production, and product launch. This partnership is