SK Plasma, a subsidiary of SK Discovery, said on Thursday it has been selected as the provider of blood products to Singapore for six years from 2023.

As the first South Korean pharmaceutical company to win an order in Singapore’s state-run blood product project, SK Plasma will sign a contract with the Southeast Asian country this year, and produce albumin and human immunoglobulin using blood plasma from Singapore.

Singapore’s Health Sciences Authority is known for having high quality standards and strict regulations for medical products, with multinational pharmaceuticals winning most of its blood product orders in the past.

SK Plasma expects to make about $23 million from the blood product project.

“Based on the progress in Singapore, we will closely cooperate with countries in need of technology to produce blood products to expand our global business,” said Kim Yoon-ho, CEO of SK Plasma.

SK Plasma signed memorandums of understanding with Indonesia’s state-run PT Bio Farma and the Indonesian Red Cross Society in 2019 to produce blood products for them, and is seeking to build a factory there.