AVING News interviewed Lee Pan-je, the CEO of Coby Bio Lab, which participated in the MIK HOT SPOT (Made in Korea Online Exhibition) Local Economy Stimulating Project.

Please introduce your company briefly.

Hello. This is Lee Pan-je, an oriental medicine doctor who is the CEO of Coby Bio Lab. Coby Bio is a research institute-type company that was created in 2017 to make ointment for applying on the nose needed for Coby Oriental Clinic network.

How did you start the business?

When I first ran Coby Oriental Clinic, I treated patients by applying ointment on the nose. These external medications tend to be less effective compared to internally taken medicine, and the smell of oriental medicine can throw off. So, I thought hard about making the ointment that smells and feels good.

So, I connected my idea to cosmetics. As I researched on how to selectively extract effective substances, I was able to produce many better ointment products. Recently, with the accumulated know-how of extracting natural substances, we were able to expand our business to food as well.  

Please introduce the products.

We are currently focusing a lot on black ginseng. When ginseng is steamed, it becomes a product called red ginseng. And if the red ginseng is steamed repeatedly, it turns into black ginseng. The substances of black ginseng are completely different from that of red ginseng.

Substances not found in red ginseng are found in black ginseng due to repeated steaming. It is effective for improving the immune system, preventing obesity, and reducing wrinkles. So, we are developing a lot of foods that are more beneficial to the body by changing the formulation to black ginseng. The ones that are recently made the improved version.

What are your future plans?

As time advances, people seem to become more and more skeptical about oriental medicine. But, we are extracting active ingredients from natural products. When active ingredients are extracted from natural products, the efficacy of the active ingredients can be scientifically verified. And by the process of standardization, products of a certain quality can be produced.

Coby Bio has also been working on a more scientific and standardized work on natural products, and is striving to consistently create products in a form that consumers who eat real foods can trust and verify their efficacy.

Last year, we exhibited in overseas trade shows a number of times, especially to China, Japan, Mongolia, and the Middle East. We get to analyze the product ingredients and evaluate their efficacy repeatedly. By presenting scientifically proven data to foreigners, we are trying to build more trust in oriental medicine products.

Any last words you would like to say?

There are a lot of stories about natural products that have specific effects. No matter what product it makes, Coby Bio will analyze the ingredients inside and inform consumers of a more objective effect. We will do our best to become a company that makes products that are proven in the market.

The Local Economy Stimulating Project from Daegu, which supported companies participating in the MIK HOT SPOT (Made in Korea Online Exhibition) is running as a major national project for balanced national development. The Local Economy Stimulating Project had been running since last year to solve the industrial crisis and revitalize the industrial ecosystem.

Especially this year, to support SMEs in Daegu that are directly hit by COVID-19 and to overcome the local economic downturn, two areas (automotive parts, cosmetics, and food) in Daegu were additionally selected to receive 12 billion won of national expenditure for each project for two years. Daegu is expected to prepare 4.1 billion for the supplementary budget.

The global news network AVING News has begun holding the MIK Hot Spot (Made in Korea Online Exhibition) to help small and medium-sized companies enter the market and attract investment 365 days a year. AVING News has been running online exhibitions since 2005 and had 975 online exhibitions so far. Its YouTube online exhibition has placed itself as Korea’s largest online exhibition hall that opens with 19,000 videos (booths) with more than 800,000 visits per month which means more than 10 million visits per year.

The MIK HOT SPOT online exhibition is scheduled to be held regularly according to the field, target market, and participating institutions, and it will be presented as a new type of online business by transforming the know-hows and values of the participating companies according to the trend. Companies that want to participate can apply and apply through the marketing support projects from supporting institutions in the local governments. Refer to the institutions for more information.

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