- Supply agreements underway with a major Japanese pharma firm and a U.S. partner… Initial shipment expected as early as August
- Expanding business beyond pharmaceuticals into specialized medical devices… Further expansion possible into Canada, India, and other markets
- Operating profit margin exceeds 40%… Thrombin sales projected to surpass 10 billion KRW by 2027
Reyon Pharmaceutical, the sole manufacturer of finished thrombin pharmaceuticals in South Korea, is embarking on a global market push for "thrombin," a core raw material for hemostats. The company is pursuing entry into the U.S. market through a major Japanese pharmaceutical firm and a U.S. partner, with initial supply shipments expected as early as this month.
Thrombin is a high-margin product with an operating profit margin exceeding 40%. Coupled with overseas supply and expansion into the domestic non-reimbursable market, related sales are projected to top 10 billion KRW by 2027.
Entering the U.S. via Japan… First Shipment as Early as August
According to industry sources on the 3rd, Reyon Pharmaceutical is currently negotiating a supply agreement for thrombin—used in specialized medical devices for wound treatment—with Japanese major pharmaceutical company A and its U.S. partner B. If negotiations wrap up as planned, initial shipments could begin as early as August.
The key significance of this supply lies in entering the U.S. market. Currently, Pfizer is known to hold a monopoly on the U.S. bovine-derived thrombin market. Since U.S. supply prices are higher than those in Korea, a successful market entry is expected to boost the profitability of the thrombin business.
The scope of the thrombin business is also expanding beyond traditional pharmaceuticals into specialized medical devices for wound care.
There is also potential for expansion into additional overseas markets. Utilizing U.S. partner B's business network could allow Reyon to broaden its supply regions to Canada, Mexico, Brazil, India, and beyond.
From Domestic Monopoly to Overseas… Sales Projected at 10 Billion KRW by 2027
Thrombin is a essential component that promotes blood clotting by converting fibrinogen into fibrin during the coagulation process. Reyon Pharmaceutical is the only company in South Korea that produces finished thrombin pharmaceuticals.
Building on this foundation, the company is accelerating its entry into the domestic non-reimbursable hemostat market. Moving beyond raw material supply, Reyon is expanding its product portfolio by pursuing the development of Class 4 hemostats, Class 3 wound dressings, and its own thrombin combination drugs.
The synergy between overseas supply and domestic product expansion is expected to significantly enhance the thrombin business's contribution to overall performance. Related sales are estimated to surpass 10 billion KRW in 2027, growing to approximately 16 billion KRW in 2028 and 22 billion KRW in 2029.
Profitability is equally strong. The thrombin business is known to achieve an operating profit margin exceeding 40%. While current sales volume remains modest, the expected revenue expansion will likely make a meaningful contribution to Reyon Pharmaceutical's bottom-line growth.
Market conditions are also favorable. The global market for thrombin-based hemostats is estimated at approximately 2.4 trillion KRW in 2025 and is projected to reach about 4.6 trillion KRW by 2032, growing at an average annual rate of 9.3%.
Leveraging its monopoly on domestic thrombin supply, Reyon Pharmaceutical is expanding its business scope from non-reimbursable hemostats, wound dressings, and combination drugs to overseas medical device markets. Once U.S. supply becomes a reality, the center of gravity for the thrombin business is expected to shift from the domestic market to the global stage.
