SUNGKYUNKWAN UNIVERSITY (SKKU), SEOUL, KOREA
Deokhee Ryu
CEO of Kyung Dong Pharmaceutical Corp.
Class of 1960, Department of Chemistry
Contribution to Entrepreneurship and National Health
Kyungdong Pharmaceuticals was founded in 1976 to develop superior drugs and in doing so, contribute to improving national health. The company started with the production of soft capsules and injections. In the case of injections, CEO Ryu was himself involved in product development and clinical trials. In addition, the company worked to localize imported drugs and securing raw materials to enable import substitution. Doing business around the world, from Europe to South America, the company was able to import substitute millions of dollars in direct imports, while developing domestic technological capabilities. But the company has also pioneered exports, starting with Russia and Pakistan in 1994, and was the first domestic company to export raw materials to Japan, a challenge given that country's strict quality standards. During the second half of 2011 and the first half of 2012, Kyungdong's exports reached 10 million US dollars.
"Balance" between Society, Profits
When CEO Ryu was young, his grandmother told him to go to the gingko tree on the hill and look down the village: "If there is no smoke from the chimney, that means they are starving. Go to those houses and give them rice and barley." Based on these and other influences, CEO Ryu's life and management philosophy is respect. Affected by his grandmother's influence and his religious belief, CEO Ryu established a scholarship foundation, donated his shares to the community and showed great concern for his employees. He spends more than 10% of the company's profit on social causes and provides funding and medical supplies to help marginalized neighborhoods and welfare facilities. He devoted his personal fortune to establish Songchun foundation in 2001 and provided 500,000 US dollar annually for scholarships and research funds. To foster future talent and to build a better society, he donated over 5.6 million US dollars to his alma mater, Sungkyunkwan University (SKKU).
