Young Chemical's factory in Gimhae, South Gyeongsang Province / Courtesy of Young Chemical

By Kim Jae-heun

Young Chemical has been conducting research and development of microneedle technology for five years ― aware of its huge potential for growth. It provides customized fabric according to the type of microneedle, which only four local start-ups are capable of doing.

"Our hydrocolloid provides the base layer for Endoderma's microneedles. It has its own coating to it. There are many ways to use microneedle technology ― in the fields of cosmetics, medical supplies and for vaccine injections," Young Chemical CEO Yun Han-sung said during an interview with The Korea Times, Wednesday.

Hydrocolloid is a substance that forms a gel in the presence of water, examples of which are used in wound or surgical dressings and in various industrial applications. Microneedle technology refers to patches with tiny sterilized needles that pierce the skin for transdermal drug or vaccine delivery.

Young Chemical is one of the country's top medical bandage suppliers. It specializes in producing medical bandages and wound sheaths. Its sales and operating profit reached 16.3 billion won and 3.41 billion won, respectively, in 2020.

"We export our products to 25 countries around the world, including Russia, the United States and those in the European region. Our domestic sales comprises 60 percent of the total and the rest comes from our overseas business. Last year, 30 percent of our revenue came from selling hydrocolloid bandages," Yun said. "Endoderma has good source technology in manufacturing microneedles and we will continue to collaborate with the bio-venture firm."

Recently, Young Chemical was selected as a leading company in regional innovation by the Ministry of SMEs and Startups. In the next six years, the government will invest 2 billion won in Young Chemical to foster the local business.

Meanwhile, Young Chemical started its business in Gimhae, South Gyeongsang Province, in 1986. It has been developing new technology in the field of medical bandage production. It moved its headquarters to Gangnam in Seoul five years ago. It also operates manufacturing facilities in Ho Chi Minh City, Vietnam.