[외부감사 진단] HLB제약, 높은 CSO 비율...건기식으로 만회

This case highlights the critical financial risk of high CSO (Contract Sales Organization) reliance in the pharmaceutical industry, which can compromise long-term profitability and audit transparency. HLB Pharmaceutical's strategic shift toward health functional foods and vertical integration through M&A reflects a broader trend of companies seeking stable cash flow to fund future R&D.