SEOUL, Jan. 15 (Korea Bizwire) – SK Biopharmaceuticals Co. (SK Biopharm), a biopharmaceutical arm of SK Group, will establish a joint venture with a major South American biopharma, Eurofarma, in the United States to expand its business there, company officials said Wednesday. The company announced the plan during the ongoing JP Morgan Healthcare Conference in [...]
SEOUL, Jan. 14 (Korea Bizwire) — Samsung Biologics Co., a biotech arm of South Korea’s Samsung Group, said Tuesday it has received a contract manufacturing deal worth 2.07 trillion won (US$1.4 billion) from a Europe-based biopharmaceutical firm. In the largest-ever contract manufacturing deal, Samsung Biologics will manufacture a biomedicine for the European company from Dec. [...]
SEOUL, Jan. 7 (Korea Bizwire) — As aging populations and chronic illnesses drive a shift in global healthcare toward prevention and cost reduction, traditional medicine is emerging as a growing export opportunity, according to a report released by the Korea International Trade Association (KITA) on January 6. The report, titled “The Era of Global Traditional [...]
SEOUL, Jan. 2 (Korea Bizwire) — The Ministry of Food and Drug Safety (MFDS) announced significant reforms to streamline drug approval processes in 2025, including reducing the time required for registering imported active pharmaceutical ingredients (APIs) and simplifying compliance procedures for low-risk manufacturers. A dedicated task force will now handle new drug approvals, increasing company consultations [...]
SEOUL, Dec. 26 (Korea Bizwire) – As global competition in advanced industries intensifies, more than half of South Korean companies in cutting-edge sectors, including biotechnology, batteries, and semiconductors, view the country’s regulatory environment as excessively stringent compared to international competitors. A survey conducted by the Korea Chamber of Commerce and Industry (KCCI) among 433 companies [...]
SEOUL, Dec. 18 (Korea Bizwire) – Samsung Biologics announced on December 18 that it will invest in U.S.-based biotech company Generate Biomedicines through the Samsung Life Science Fund, a venture fund established to advance life sciences innovation. The Samsung Life Science Fund, jointly capitalized with KRW 240 billion ($167 million) by Samsung Biologics, Samsung C&T [028260], [...]
SEOUL, Dec. 12 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical firm, said Thursday it has entered Canada’s dermal filler market as part of its business diversification strategy. LG Chem has launched its hyaluronic acid fillers under the YVOIRE brand in the Canadian market to meet a growing demand for Korean medical aesthetic [...]
SEOUL, Dec. 9 (Korea Bizwire) — South Korea’s pharmaceutical giant Celltrion Inc. said Monday that it has received approval from Canadian health authorities for a biosimilar treatment for allergic asthma. The company said that its biosimilar, Omlyclo, a version of Xolair, has been approved by Health Canada, adding that studies have demonstrated its equivalent performance [...]
SEOUL, Dec. 4 (Korea Bizwire) – In response to growing demand for obesity medications, Samsung Fire & Marine Insurance has launched health insurance products that cover high-cost obesity treatments, marking a significant development in the Korean health insurance market. These new plans offer coverage for GLP-1 class obesity medications, such as Wegovy and Saxenda, which [...]
SEOUL, Dec. 4 (Korea Bizwire) – SK Bioscience has prevailed in an appellate court ruling against Pfizer’s subsidiary, Wyeth LLC, in a patent infringement lawsuit concerning the export of pneumococcal vaccine components to Russia. The Patent Court of Korea overturned a lower court decision, ruling that SK Bioscience’s supply of the 13-valent pneumococcal conjugate vaccine [...]