SEOUL, July 8 (Korea Bizwire) — South Korea’s pharmaceutical industry is once again under fire as a string of illegal rebate scandals have surfaced in 2025, reigniting calls for structural reform and stronger support for new drug development. Prosecutors recently indicted three mid-sized pharmaceutical companies and their employees in connection with the so-called “residents’ rebate” [...]
SEOUL, June 17 (Korea Bizwire) – Police will launch an investigation into more than 1,000 doctors suspected of receiving illegal kickbacks from a drugmaker, the Seoul police chief said Monday. Police have confirmed circumstances suggesting that the doctors received kickbacks in cash and other rewards, ranging from several million won to tens of millions of [...]
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 [...]
January 30, 2024, London, UK (Korea Bizwire) – OPEN Health has launched OPEN X Health, a new practice focused on providing data-driven creativity to the pharmaceutical industry. OPEN X Health (OPEN X) launches after two years of investment and growth in the creative communications offering from OPEN Health. OPEN Health acquired ARK, the award-winning London-based healthcare agency, in [...]
LONDON, UK, June 13 (Korea Bizwire) – Financial information from over 100 multinational drug companies, involving over 70,000 data points, have been accumulated over the past 35 years to create a pharmaceutical database. All our data (sales, COGS, SG&A, R&D and other income) have been derived from annual reports, regulatory filings and company presentations, and [...]
SEOUL, Nov. 28 (Korea Bizwire) — Automakers such as Hyundai Motor and Kia Motors are engaged in excessive management interventions, including their involvement in the personnel management of their sales agents. On the other hand, the pharmaceutical industry has seen an increase in the practice of rebates, in which sellers return a share of their [...]
SEOUL, Jul. 22 (Korea Bizwire) — South Korean pharmaceutical companies are scrambling to produce generic drugs as the government plans to introduce a new policy to prevent unchecked production of generic drugs in the near future. The companies are attempting to secure as many permits as possible before the new policy kicks in and various [...]
SEOUL, June 27 (Korea Bizwire) – The South Korean government is introducing new legislation in its fight against corruption, including regulations that will require pharmaceutical companies to divulge payments made to doctors and pharmacists starting next year. Under the new health care reform, pharmaceutical companies that offer financial compensation to medical staff are required to keep [...]
SEOUL, Jun. 27 (Korea Bizwire) — South Korea’s pharmaceutical industry has posted more than double the annual growth rate in terms of employment compared to the manufacturing sector as a whole, industry data showed Tuesday. The pharmaceutical industry has recorded 3.9 percent in annual employment growth rate between 2005 and 2015, while the comparable figure [...]