Daewoong Pet Ventures Into Drug Development For Pets with New CRO Business

Daewoong Pet, a subsidiary of Daewoong Pharmaceutical, announced on Monday its official entry into the contract research organization (CRO) sector to develop new drugs tailored for pets. This move aligns with the company’s response to the booming pet industry and the rising need for specialized veterinary medicines.

The KB Financial Group Korea Pet Report reveals that the number of households that own pets has increased from about 5.59 million in 2017 to 6.3 million in 2023, an increase of about 12.7%. This resulted in better awareness and knowledge among pet owners about preventing and treating illnesses in their pets effectively. 

Although some drugs are approved for the usage in veterinary clinics, over 70% of the drugs used in veterinary clinics are drugs for human beings. It is dangerous to give medicine to pets as given to humans because breakage of pills usually makes administration easier, and there is always a risk of contamination associated with the crumbling of a pill, besides pets rejecting the offensive taste of crushed medication.

Daewoong Pet official said in a statement, “The need for dedicated veterinary pharmaceuticals is becoming increasingly urgent, and CROs specializing in animal drug research and development play a critical role in addressing this gap,” Its CRO will support the whole process of carrying out clinical trials for pet drugs. Consulting services include advising on drug approvals and trial designs with respect to pet-specific medication development, thus establishing it as a leader in the development of pet pharmaceuticals.

Daewoong Pet Pharma will also come into partnerships with local and international R&D organizations to push innovative medicines for pets forward. Skills for clinical research on vet subjects are provided by expertly qualified research nurses, health educators, and other specialists in the field, thus ensuring that top-quality clinical trials are developed.

In addition, Daewoong Pet has successfully recruited an elite team with the latest knowledge related to clinical trials. Therefore, they can offer high-quality veterinary drug development services. Recently, they have outlined a plan to speed up clinical trials with steps toward cost and time savings. It is meant to be more efficient and quicker in producing new drugs.

In March 2023, Daewoong Pet was designated as an animal clinical trial site and will submit a request for human clinical trials for veterinary medical device approval later this year. This will make the company further enhance its competitive edge in terms of consulting services and clinical trials for the approval of those products.

The company, Daewoong Pet, is currently undertaking an electronic case report form (e-CRF) system as a way to enhance efficiency in its clinical trial processes.“This system, along with other innovations, aligns with global guidelines and will help the company refine its trial design and management practices,” said a company official.

CEO Moon Jae-bong of Daewoong Pet said, “As a leading CRO in veterinary pharmaceuticals, Daewoong Pet has the distinction of securing Korea’s first marketing authorization for pet medication and conducting numerous clinical trials,” further added, “With our unique experience and expertise, we aim to be a valuable partner to companies facing challenges in developing pet-specific drugs.”