SINGAPORE - When Seegene Inc started developing a coronavirus test kit in late January, the South Korean company was uncertain about the potential demand as there were just a few confirmed cases in the country at that point. Today, it's churning out tens of thousands amid a pandemic.
Seegene is scrambling to meet a sharp spike in demand for its test kits, including from Italy and Spain, as the US and other countries grapple with shortages. The Philippines, with a population of more than 100 million, had just 2,000 available early last week. The order surge prompted Seegene to boost production for exports to 25 per cent of the total from 10 per cent, according to a company spokesperson.
Seegene sales may jump 30 per cent in 2020 from a year earlier with the"unexpected spread of the coronavirus and growth of test kits," Seoul-based Hana Financial Investment said in a Feb 26 research report. Despite the share-price gains and his increased wealth, Chun cautioned that the company is so busy churning out coronavirus test kits that it's hurting other parts of its business.
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Source: The Straits Times - 🏆 8. / 63 Read more »