pharmaceutical Archives | Be Korea-savvy
Korean Drug Firms Double Down on ESG Management

Korean Drug Firms Double Down on ESG Management

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 [...]

S. Korean Conglomerates Step into Pharmaceutical, Biomedical Industries

S. Korean Conglomerates Step into Pharmaceutical, Biomedical Industries

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 [...]

Illegal Ads for Pharmaceutical Sales via Internet Increasingly Rampant

Illegal Ads for Pharmaceutical Sales via Internet Increasingly Rampant

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 [...]

S. Korean Pharmaceutical Companies Establishing Foothold in Boston, World’s Largest Bio-Cluster

S. Korean Pharmaceutical Companies Establishing Foothold in Boston, World’s Largest Bio-Cluster

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 [...]

“Miracle Cancer Drug” Gleevec Sales Threatened Following Novartis Rebate Scandal

“Miracle Cancer Drug” Gleevec Sales Threatened Following Novartis Rebate Scandal

SEOUL, April 10 (Korea Bizwire) – South Korea’s health authorities are considering a suspension of health insurance reimbursement for imatinib, a highly effective leukemia drug sold under the brand name of Gleevec (or Glivec), after its maker Novartis was found to have provided illegal kickbacks to doctors.  The Swiss multinational pharmaceutical company was investigated by prosecutors [...]

Major Pharmaceuticals to Expand R&D Spending in 2017

Major Pharmaceuticals to Expand R&D Spending in 2017

SEOUL, March 21 (Korea Bizwire) – Major South Korean pharmaceutical companies are poised to expand their spending on research and development (R&D) this year despite weak earnings, industry sources said Tuesday.  The four drug companies — Hanmi Pharmaceutical Co., Green Cross Corp., Daewoong Pharma and Chong Kun Dang Pharmaceutical Corp. — whose annual R&D spending [...]

Global Drugmakers Seek to Join Hands with Startups

Global Drugmakers Seek to Join Hands with Startups

SEOUL, March 13 (Korea Bizwire) – Global pharmaceutical companies are seeking to join hands with local startups as part of their effort to increase research and development (R&D) productivity, industry officials said Monday.  The move is part of their effort to adopt “open innovation,” a network of collaboration with external institutes and individuals, as opposed [...]

Annual R&D Spending Tops 100 Bln Won at 4 Korean Drug Firms

Annual R&D Spending Tops 100 Bln Won at 4 Korean Drug Firms

SEOUL, Feb. 14 (Korea Bizwire) – Four major South Korean pharmaceutical companies spent more than 100 billion won (US$86.9 million) each on research and development (R&D) in 2016, industry officials said Tuesday.  The four drug companies — Hanmi Pharmaceutical Co., Green Cross Corp., Daewoong Pharma and Chong Kun Dang Pharmaceutical Corp. — sharply expanded their [...]