South Korean pharmaceutical company SK Bioscience said Wednesday that its SKYCellflu has become the first influenza vaccine from Korea approved by the Food and Drug Agency of Indonesia.

Indonesia’s pharmaceutical market has been growing significantly. According to market tracker Insights10, the country’s flu vaccine market is expected to increase from $38.5 million in 2022 to $69.1 million by 2030.

Due to its geography spanning both the Northern and Southern hemispheres, Indonesia requires a year-round supply of vaccines in line with the World Health Organization’s guidelines. This allows SK Bioscience to lower production costs by operating its production facilities continuously.

Following Indonesia’s approval of its influenza vaccine for the Northern Hemisphere, SK Bioscience anticipates that the Southern Hemisphere version will be approved in the near future.

SKYCellflu is the world’s first cell culture-based flu vaccine to obtain WHO Prequalification certification and remains the only one of the kind available in Korea.

A cell culture-based vaccine offers several advantages over an egg-based vaccine. Since it does not require fertilized eggs, it is a safer option for individuals with egg allergies. Using this method, the company can produce vaccines faster and reduce the likelihood of virus mutations.

SKYCellflu has been approved in several Asian countries – including Malaysia, Thailand, Myanmar, Iran, Singapore, Pakistan, Mongolia and Brunei – and expanded its reach to Chile last year. SK Bioscience aims to further strengthen its presence in the global market.

“I am pleased that our vaccines are gaining approval worldwide, expanding our export market. We will continue our efforts to become a global vaccine company, with more of our vaccines being licensed internationally,” said SK Bioscience CEO Ahn Jae-yong.