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 [...]
SEOUL, Feb. 27 (Korea Bizwire) – Young owner members of major South Korean pharmaceutical manufacturers, such as sons and grandsons of company founders, are on the fast track to management positions, industry sources said Monday. Lim Jong-hoon, third son of Hanmi Pharmaceutical Chairman Lim Sung-ki, is set to be registered as a member of the [...]
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 [...]
SEOUL, Feb. 7 (Korea Bizwire) – Daewoong Pharmaceutical Co., a major South Korean drugmaker, has topped the list in winning approvals from the drug regulatory agency for clinical trials, industry officials said Tuesday. Daewoong Pharmaceutical received approvals from the Ministry of Food and Drug Safety for 16 clinical trials in 2016, compared with seven a [...]
SEOUL, Jan 19 (Korea Bizwire) – The U.S. Food and Drug Administration (FDA) has released its draft guidance on biosimilar interchangeability, a move that will allow South Korean bio-pharmaceutical firm Celltrion Inc. to increase its presence in the U.S. market, company officials said Thursday. The FDA unveiled the guidance Tuesday (local time) that recommends that [...]
SEOUL, Jan. 9 (Korea Bizwire) – Only one South Korean pharmaceutical company had a new drug approved in 2016, compared to 11 drugs introduced by overseas companies including Novartis, Gilead Sciences, and Pfizer. Olita Tablet, a lung cancer drug from Hanmi Pharmaceutical, was the only new drug introduced last year by a local company, and [...]
SEOUL, Dec. 27 (Korea Bizwire) – Korean doctors and pharmacists have long clashed over whether to prescribe medicine based on the name of a brand or a drug’s composition. The debate dates back to 2000, when the Korean government first separated the prescription and dispensing of drugs between the two medical practitioners. Currently, prescriptions almost [...]
SEOUL, Dec. 12 (Korea Bizwire) – South Korean-made pharmaceutical products remain widely popular in “Jangmadang,” or North Korea’s unofficial provincial markets, even though the distribution of goods from the South is under strict control in the communist state, a U.S.-based broadcaster said Monday. A source in the North’s North Hamkyong Province told Radio Free Asia [...]
SEOUL, Dec. 9 (Korea Bizwire) – Some pharmaceutical companies in South Korea chalked up strong sales in the first nine months of this year on the back of their moneymaking subsidiaries, industry sources said Friday. Consolidated sales of Kwangdong Pharmaceutical Co. are expected to exceed the 1 trillion-won mark this year for the first time [...]
SEOUL, Dec. 6 (Korea Bizwire) – Two major drug firms are competing to become the first South Korean maker of a new homegrown medication with annual sales of more than 50 billion won, a landmark for the local industry, sources said Tuesday. Industry experts define as a blockbuster drug an extremely popular medicine that generates [...]