Pyongsu Joint Venture Company
- Pyongyang Pharmaceutical Company
- Ministry of Public Health (DPRK)
- Northern Development Consortium (NDC) – Majority Shareholder
Dr. Tony Michell was responsible for the first wave of foreign investment in the 1990s as the Vice Chairman of Northern Development Consortium. He and Toni Hauswirth negotiated a JV during the early 2000s with NDC Pharmaceutical as the foreign partner. In February 2007, Hong Kong based Parazelsus Ltd., specialising in pharmaceuticals distribution, became the main shareholder of NDCP.
Felix Abt, PyongSu's 3rd president succeeded in preventing the closure of the company by turning the heavily loss-making operation into a profit-making one. During his term PyongSu became the first North Korean pharmaceutical factory to attain GMP (a universally recognized quality standard in the pharmaceutical industry as defined by the WHO), and repeatedly inspected and confirmed by the WHO. It also became the first ever North Korean company to participate in tender competitions to win contracts against foreign competitors from China, India, and Germany. With an increasing generation of cash-flow, the company has expanded and profitably operate pharmacies and sales outlets throughout the DPRK. Towards the end of 2008 managing director Felix Abt, 53, explained that the company now enjoys:
2) A good reputation as a quality and service-minded company in the DPRK that led to the recognition as the "model company" of the domestic pharmaceutical industry by authorities and customers
3) A competitiveness that continues to help win supply contracts against international competition, thanks to a well trained and dedicated Korean workforce.
4) Good market penetration thanks to the company's wholesaling and distribution arm (that not only handles PyongSu's own products but also a wide variety of complementary and alternative products at affordable prices imported directly from reliable GMP-manufacturers) as well as its own profitable retail outlets (pharmacies) in well-chosen locations
5) Strong double-digit growth rate as well as sustainability and profitability as a consequence of the afore-mentioned 4 points
Now that PyongSu has become one of the DPRK's most successful joint venture companies ever, the board of directors appointed Remy Lardinois, 32, as the new Managing Director succeeding Felix Abt who was elected Vice Chairman of the board of directors as of March 1, 2009. Dr. Ju Zhong Ho continues to serve as the Chairman of the board and O Song Gun maintains his post as Deputy Managing Director.
- [Dr. Tony Michell's fax reports: Feb. 1992-1994]
- Ian Jeffries (March 7, 2006). North Korea: a guide to economic and political developments. Routledge. ISBN 0-415-34324-0. p. 437