SEOUL, Jun. 6 (Korea Bizwire) –Domestic pharmaceutical firms in South Korea are increasingly joining forces with former competitors to develop new drugs, marking a shift in strategy. While co-marketing existing products or outsourcing manufacturing has been common practice, collaborations now extend to the realm of novel drug development. Last month, Ildong Pharmaceutical secured Dong-A Socio [...]
SEOUL, Jun. 4 (Korea Bizwire) – Pharmaceutical and biotechnology companies at home and abroad are striving to recreate the value of their products by expanding the therapeutic areas they can be used for, known as new indications. In March, the U.S. Food and Drug Administration approved the obesity drug Wegovy, made by the Danish company Novo [...]
SEOUL, May 16 (Korea Bizwire) – With the ranks of pet owners swelling in South Korea, pharmaceutical companies are increasingly turning to this burgeoning market as a new frontier for growth, rolling out a diverse array of products ranging from medications to health supplements for furry companions. According to industry sources on May 14, Dong-A Pharmaceutical [...]
SEOUL, Mar. 15 (Korea Bizwire) – The South Korean government is gearing up to disclose a report by year-end that will reveal the financial benefits received by doctors from pharmaceutical companies, sparking a debate on whether to include identifiable information such as names in the report. According to a statement from the Ministry of Health and [...]
SEOUL, Jan. 15 (Korea Bizwire) — As South Korea grapples with an aging population, pharmaceutical companies are increasingly looking at ‘medifood’ as a potential new growth area. Medifood, also known as ‘food for special medical purposes,’ includes beverages and meals specially designed for the elderly or others who require particular nutritional care due to health reasons. On [...]
SEOUL, July 11 (Korea Bizwire) — South Korean drug companies and biotech firms are stepping up to advance environmental, social, and governance (ESG) management following the coronavirus pandemic and concerns over global warming. SK Bioscience Co. said in its ESG report published last month for the first time since its establishment that it had generated [...]
SEOUL, April 1 (Korea Bizwire) — South Korea’s major conglomerates are launching ventures in the pharmaceutical and biomedical industries, following the success of Samsung Biologics Co., the biotech arm of Samsung Group and SK Bioscience Co., a vaccine unit of SK Group. Lotte Corp., the holding company of retail giant Lotte Group, decided to establish [...]
SEOUL, Oct. 1 (Korea Bizwire) — Online ads for unauthorized pharmaceutical sales over the internet have increased substantially in recent years, according to a lawmaker Thursday. The number of reported cases of illegal online ads for prescription drugs reached 37,343 as of 2019, up 49.8 percent from 2016, Rep. Ko Young-in of the ruling Democratic [...]
SEOUL, Jan. 13 (Korea Bizwire) — Major South Korean pharmaceutical companies are ramping up the phase-three clinical trials of their key products in China as they seek to tap deeper into the world’s second largest bio market. Samsung Bioepis Co. said it is awaiting approval from Chinese health authorities for the final stage of clinical [...]
SEOUL, Jan. 14 (Korea Bizwire) — According to the pharmaceutical industry on January 13, major South Korean biopharmaceutical companies including Yuhan Corp. and LG Chem Ltd. are building a foothold in Boston. The plan is to use city, the world’s largest bio-cluster, as a base for open innovation. Yuhan has already established a legal entity [...]