- BCG Chemical & Healthcare will lead global Med-tech by recruiting Managing Director ‘Samjeong Yoon’, an expert

- Efficient decision-making and prudence will be added to existing growth, from organizational innovation to overseas market entry.

Boston Consulting Group (BCG, Boston Consulting Group) is a global management consulting firm. This group of outstanding talents from around the world provides management consulting based on strategic decision-making to leading companies.

Listed company Plasmapp Co., Ltd. (CEO Youbong Lim) announced that it will hire Managing Director Samjeong Yoon, a strategic management expert who has carried out various projects in the global medical service field at BCG, as of February 6, 2023.

Managing Director Samjeong Yoon majored in chemical and biological engineering at Seoul National University. As a dedicated leader of BCG Chemical & Healthcare, he is a management expert in charge of projects such as new business promotion, business development, and mergers and acquisitions of major group companies in Korea, Japan, and Asia.

Plasmapp CEO Youbong Lim, who hired Executive Director Samjeong Yoon, said, “Plasmapp is attempting major new changes since its listing. To establish a global strategy for the biohealth industry, we recruited expert Managing Director Samjeong Yoon and introduced a global professional management process to improve the organization's constitution and secure growth engines to enable sustainable management while maintaining the existing rapid growth.” He explained the reason for his recruitment.

▲ Samjeong Yoon, Managing Director

The following is the full interview with Managing Director Samjeong Yoon.

Q1. (Expertise) Worked as a dedicated managing director for BCG- Chemical & Healthcare. The world's best consulting group has outstanding expertise in attracting new business and mergers and acquisitions of domestic and Japanese group companies. Please explain BCG and the managing director’s expertise.

(Yoon) BCG is a consulting company that supports various strategic decisions for global companies. It supports the decisions each company needs to make in order to grow in rapidly changing competitive dynamics, and acts as a partner in the growth of many companies. Accordingly, we focus on sustainable long-term relationships with customers rather than simply on one project. We establish a mid- to long-term vision by considering the company's capabilities and changes in the external environment, and support the entire corporate growth cycle, including various detailed strategies and operating system upgrades to implement this vision. In the healthcare industry, which I was primarily responsible for, it was an important area to quickly understand the dynamics of the external business environment and find new business opportunities to increase corporate value as the market changed rapidly recently. We will incorporate the understanding of the market and the know-how we have developed in establishing new businesses in this area into Plasmapp.

Q2. (Corporate Value) We expect that Managing Director Samjeong Yoon will lead the quantum jump of Plasmapp with his outstanding capabilities. What are the core values ​​and possibilities of Plasmapp, which decided to join?

(Yoon) The core value of Plasmapp is scalability based on excellent technological competitiveness. We believe that technology and product development capabilities that enable expansion into various market areas such as [orthopedics] and [dermatology], as well as the [dental] market that we are currently focusing on, are the best core values. Based on these core values, Plasmapp believes that it will be able to create demand in various markets, and its growth potential is believed to be endless.

The second thing to consider is the growth potential of the medical device market. The bio and medical device market is growing rapidly due to megatrends such as “improving quality of life” and “pursuing a healthy life.” In particular, in the Asian market where aging is rapidly progressing, the medical device market is expected to reach a new turning point in the future, and Plasmapp's technology and products are expected to lead this growth.

Lastly, I judged that the strengths of the existing Plasmapp and my expertise would create good synergy. While serving as an outside director of Plasmapp, I have seen Plasmapp's business for a sufficient period of time, and from that, I have judged that Plasmapp's strength is that it makes decisions quickly and utilizes various resources in the right place. We believed that adding prudence to make systematic decisions based on data to our previous strengths of speed would create great synergy.

Q3. For (global) health bio medtech companies, pioneering and expanding global overseas markets is a key growth engine. The time has come for Plasmapp’s strategy to enter the Japanese overseas market to become concrete. How are you analyzing the internal and external environmental factors necessary for entering the Japanese market?

(Yoon) The most important thing for pioneering the global market is conveying clear product value to customers, that is, value proposition. You must be able to identify market needs, design a sales strategy based on those needs, and persuade customers of what value you can provide. As the Japanese market is one of the most important markets in the medical device field along with the United States, advancing into Japan is an important task for Plasmapp. We believe that the environmental situation of the Japanese market, which has a high proportion of the aging population and is built around direct diagnostic devices, will also be positive for Plasmapp. However, it is important to establish a market entry strategy considering the barriers to entry in the Japanese market, where the network and regulatory process for sales have developed locally. Accordingly, the main partnership strategy will be to pursue win-win by supplying Plasmapp's products, which increase sterilization and efficiency of existing products, to Japanese direct diagnostic device companies.

Q4. (Strategy) How will you draw up a business strategy to increase Plasmapp’s future market value and advance into the global market?

(Yoon) There are many methods and techniques to measure the value of a company, but it basically consists of the sum of three things: (1) current cash flow, (2) future growth potential, and (3) shareholder dividends. Especially for startups like Plasmapp, current cash flow and future potential are the most important factors. In this respect, Plasmapp's immediate task is to build future growth engines through additional sales pipelines and to efficiently manage resources for this purpose. If we create a transparent operating system based on numbers and data, we will be able to quickly realize the growth potential reflected upon listing.

In addition, upgrading of the organization and operating system is necessary to make quick decisions and respond to the global situation. We will strengthen the capabilities of the organizations that support Plasmapp so that it can utilize 100% of the capabilities of its existing R&D, sales, and production organizations. In addition, we will establish a flexible and efficient operating system to quickly identify market voices and respond nimbly.

Q5. (Aspiration) As a chemist and professional manager, I have an important responsibility to lead Plasmapp's quantum jump through convergent thinking between liberal arts and science. Please appeal your personal aspirations.

(Yoon) So far, Plasmapp has proven its value through product and technology listings. Now is the time to hold its value in hand and prove it commercially to the market and customers, and we will open a new page in this area.

To this end, Plasmapp will focus on the essential areas in which it excels and pursue diverse partnerships to expand its business. We plan to establish various forms of partnerships that can sell Plasmapp's high technology and excellent products to the market. In the long term, we are considering the expansion of adjacent value chains, especially the expansion of value chains utilizing digital. Digital-based integration capabilities will create synergy with existing product capabilities and provide differentiated competitiveness to Plasmapp.

As a professional manager, the important mission of “business” is to create sustainable growth. We will focus on visible results that increase Plasmapp’s profitability and global awareness.

At the same time, in terms of “people,” we will create a company that members can be proud of. . A clear motivation for all members is when the company is doing well and there is a clear virtuous cycle of rewards and evaluations. A company must serve as an important weapon that guarantees reliable growth and compensation for its members. We will carefully plan future strategies that lead to innovative growth rather than the correct past.

Q6. (Advice) Lastly, what advice would you give to healthcare company managers?

(Yoon) Due to the nature of the healthcare and med-tech business, entering the market requires a long-term perspective. The medical market requires a longer time and relatively more resources than general manufacturing products to create new customers and advance overseas. Accordingly, limited resources must be invested in a systematic time plan and the business must be operated with a mid-term perspective. I would like to emphasize a long-term perspective as a way to find profits quickly but cautiously.