“The goal of the bio-industry is to connect life with life”…Global CEO Talk from CEO of Lotte Biologics 

  On June 2nd, Korea University Business School (Dean= Sang Yong Kim) hosted the Global CEO Talk in Room #303, Hyundai Motor Hall. The speaker for the lecture was Mr. Richard Lee, CEO of Lotte Biologics. With over 20 years of expertise in the biologics industry, CEO Lee has worked for companies such as Samsung Biologics, Bristol-Myers Squibb, and Chiron before assuming the role of CEO at Lotte Biologics in 2021. 

  The lecture, titled "Discovering the 'Why' in Your Life," commenced with an introduction to the origin of humanity and the transformative impact of the bio-industry on our well-being and progress. CEO Lee delved into key milestones, starting from the Big Bang and the formation of the solar system and to the emergence of life on Earth. Alongside, he emphasized the significance of adapting the right perspective on "scale" and "time", illustrating a comparison of sizes between cells, DNA, bacteria, and viruses. He then highlighted the remarkable advancements in human lifespan, contrasting the average life of expectancy of 30 to 0 years during the time of Jesus to the present day. Furthermore, CEO Lee underscored the invaluable contribution of the bio-industry to modern human life, citing the example of the TV program ‘1883’, which depicted the challenges of treating minor infections and diseases before the discovery of penicillin. 

  However, CEO Lee also addressed the flip side of the biopharmaceutical industry’s development, highlighting that it has not been without negative consequences. He provided examples of the past incidents, such as the 1938 ‘sulfanilamide’ tragedy in the United States, which claimed the lives of over 100 people, and the 1950s ‘thalidomide’ incident that caused widespread cases of birth defects worldwide. He emphasized that despite the overall positive impact of medications on humanity, there are still instances where drugs can generate social controversies and lead to loss of life. Moreover, he underscored the crucial importance of pharmaceutical regulation, as he pointed out that some companies may be aware of such side effects but choose to conceal them. 

  Subsequently, the lecture delved into the history of biopharmaceuticals, encompassing significant milestones such as the discovery of DNA, the development of recombinant proteins, and the approval of monoclonal antibodies. Biopharmaceuticals are medications produced using substances or components derived from other organisms, and they have proven to be effective in targeting specific diseases, including rare or incurable conditions. To exemplify the transformative impact of biopharmaceuticals, CEO Lee introduced a groundbreaking injection for the treatment of skin cancer. This injection, categorized as a type of biopharmaceutical, has demonstrated remarkable efficacy in consistently combating skin cancer. While acknowledging the challenges related to accessibility and high cost, CEO Lee emphasized that it serves as a compelling testament to the boundless potential of biopharmaceuticals, offering hope and optimism for the future. 

  In addition, CEO Lee emphasized the significance of not only developing new medications but also ensuring the widespread commercialization of existing drugs to benefit a larger population. He highlighted Lotte Biologics’ leading role in this aspect of the industry. Moreover, CEO Lee underscored the immense responsibility and trustworthiness required of pharmaceutical manufacturers. He stated, "Pharmaceutical manufacturers are not merely producing electronic devices like laptops. They create medications that we consume and absorb into our bodies. They bear the responsibility of delivering reliable products, recognizing that a flawed drug could have fatal consequences.” 

  Lastly, CEO Lee introduced the core values that Lotte Biologics prioritizes, which include being △Inspired by science △Embracing diversity △Fostering talent △Connecting lives. He emphasized that Lotte Biologics actively seeks individuals with an innovative mindset, persistence, strong ethical standards, and an inclusive approach towards diverse cultures. Furthermore, he quoted management scholar Peter Drucker, who famously said, "The purpose of marketing is to know and understand the customer so well that the product or service fits them perfectly." He concluded the lecture by expressing Lotte Biologics' unwavering commitment to providing products and services that align with this quote, showcasing their dedication to achieving customer satisfaction.