CJ Wellcare CEO Yoon Sang-bae (right) poses with Seoheung Healthcare CEO Park Geum-deok at the MOU signing ceremony on Friday. [CJ Wellcare]
CJ Wellcare CEO Yoon Sang-bae (right) poses with Seoheung Healthcare CEO Park Geum-deok at the MOU signing ceremony on Friday. [CJ Wellcare]

CJ Wellcare announced Monday that it has signed an MOU with Seoheung Healthcare to enter and expand in the global health supplement market.

At a signing ceremony held Friday, the two companies agreed to collaborate on the joint development, production and sales expansion of health supplements tailored to the characteristics of local markets worldwide.

The companies will share information on overseas health supplement market trends, consumer needs and industry developments. They also plan to develop and commercialize new export-oriented products based on ingredient specifications, formulas, dosage form specs and manufacturing technology data that meet the import clearance and licensing standards of major overseas markets.

CJ Wellcare will handle brand planning, marketing strategy and retail network expansion. Seoheung Healthcare will be responsible for developing and producing export-specialized products that comply with each country's regulatory standards.

"We will continue to strengthen our position in the global health supplement market on the back of a thorough localization strategy and differentiated product capabilities," a CJ Wellcare official said.


andy@heraldcorp.com