Otsuka Korea said Friday that Moon Sung-ho, the company’s CEO, received a presidential citation for his contribution to corporate competitiveness and industrial development.

Otsuka Korea CEO Moon Sung-ho holds his presidential citation during the 46th Commerce and Industry Commemoration Day held in COEX, Seoul, on Wednesday.

Moon won his citation during the 46th Commerce and Industry Commemoration Day on Wednesday.

The Commerce and Industry Commemoration Day is a major event for Korean businesses as it recognizes the hard effort of entrepreneurs who contributed to the economic development of the country as well as to the growth of their respective industries.

Moon, who became the CEO of Otsuka Korea in 2011, has since been contributing to the treatment of local patients suffering from diseases through the supply of excellent and innovative medications. He has also diversified the healthcare business by implementing the company's mission of "contributing to the healthy life of Koreans" to help maintain and promote the lives of patients.

Even though Otsuka Korea is a multinational pharmaceutical company, Moon also has worked to strengthen global quality competitiveness by establishing large-scale production facilities in Korea, the company said. As a production facility of Otsuka Pharmaceutical, the plant has contributed to job creation and national economic development through export.

Under his leadership, Otsuka Korea has developed a new indication for Abilify, a schizophrenia treatment, and a new formulation for Pletaal, a diabetes treatment, through its clinical trials in Korea, the company said.

The licensing and clinical data obtained from the Korean branch has also been widely used as licensing data for global regulators, including the U.S. FDA, which in turn, led to an increase in exports, it added.

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