Samsung BioLogics said it filed an administrative suit on Nov. 14 to nullify the financial regulator’s ruling that the company intentionally breached accounting rules to inflate its value before going public in 2016.The biosimilar maker said on Wednesday that it sought an injunction of the Seoul Administrative Court to suspend the disciplinary actions, ordered by the Financial Service Commissi
Bayer Korea said it has confirmed the clinical efficacy and tolerability of Stivarga (ingredient: regorafenib), an oral liver cancer drug, as the second-line treatment for hepatocellular carcinoma in a local study with real-world data.The company conducted the multi-center and retroactive real-world test in 39 Korean patients with hepatocellular carcinoma whose disease progressed after the
Shares of pharmaceutical and biotech companies moved up briskly on Monday, as the benchmark KOSPI rebounded in five trading days.KOSPI was up 1.25 percent, or 25.54 points, to close at 2,083.02 on Monday. Gains in pharmaceuticals and biotechs boosted the rise of the KOSPI.Thirteen pharmaceutical and biotech companies were included in the top 100 listed firms that posted a stock increase on
With the government’s stricter crackdown on illegal rebates, Korean pharmaceuticals are searching for smarter ways to raise cash to bribe doctors, sources said.In particular, drugmakers are buying up gift certificates to break them into cash and dole them out to physicians, industry officials said. Such activity is more rampant among small- and medium-sized pharmaceuticals than large firms, th
Top 10 biotech companies on the secondary KOSDAQ market posted significant operating income declines during the first three quarters this year.The poor earnings results stemmed from stricter accounting rules, recently imposed by the Financial Supervisory Service. Under the new rules, biotech firms had to mark R&D costs as expenses, instead of an intangible asset.The top 10 pharmaceutical a
Korean biosimilar makers will find it more critical to achieve meaningful results in the U.S. after securing a larger market share in Europe, an analyst said.In Europe, Korean biosimilar manufacturers are performing well. Celltrion’s Remsima (infliximab) garnered over 50 percent market share and Samsung Bioepis’ Benepali (etanercept), over 30 percent, in Europe.However, their growth is rel
Workers at MSD Korea said they have formed a labor union to curb the management’s unilateral decisions on employee welfare policies.The labor union is the first since the foundation of the Korean offshoot of the U.S.-based multinational drugmaker. MSD Korea’s labor union became the 17th member of Korea Democratic Pharmaceutical Union (KDPU) as of Monday.The formation of the labor union
The online pharmacy market is rapidly expanding around the world at such a fast pace that could affect the off-line pharmaceutical distribution market, a report said.According to Marketwatch, the global online pharmacy market is worth about $44.95 billion and is expected to grow by 18.7 percent annually on average. By 2026, the market will hit $211.36 billion with explosive growth, the market
The suspension of trading of Samsung BioLogics shares did not have a much negative impact on the investment sentiment in the stock market on Thursday.The Securities and Futures Commission under the Financial Services Commission ruled on Wednesday that the contract drugmaker intentionally violated accounting rules to inflate the company’s value before the initial public offering in 2016. The re
Korean biotech and pharmaceutical businesses should cooperate with multinational players for future growth, healthcare experts said.Rather than taking up a partial role for clinical research or sales, they should participate in multinationals’ open innovation programs or co-promotion activities to enlarge the industrial pie and grow rapidly together, they noted.Their advice came at the “Se
The Seoul Metropolitan Government said it would become the hub of the nation’s biomedical industry by easing regulations to support the sector.Seoul Mayor Park Won-soon said he would spare no resources to help the industry discover innovative technologies and commercialize them, in the “Seoul BioMedical International Conference 2018,” held at the City Hall on Wednesday. “Biotech
Orders for active pharmaceutical ingredients (API) for cough suppressants and expectorants have surged, apparently boosted by a rising number of respiratory diseases amid increased fine dust, industry officials said.One of the suppliers of APIs for antitussives and expectorants said its production of APIs rapidly grew this year, compared to a year earlier.Considering that the nation suffer
The Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPMA) sharply criticized the government’s administrative notice to amend rules to give drug price benefits to “globally innovative medicines.” The pharma industry group said the planned policy would make local drugmakers become a scapegoat of the Free Trade Agreement between Korea and the U.S.The Korean Research-based Pharma In
The Financial Supervisory Service’s recent guidelines for research and development accounting are expected to have a positive impact on biosimilar manufacturers, an analyst said.The FSS in September said pharmaceutical firms could capitalize their research spending from phase-3 trials, but biosimilar makers could do so from the phase-1 stage.As biosimilar companies tend to capitalize much
Market capitalizations of high-ranking pharmaceutical and biotech companies on the benchmark KOSPI market have expanded during the first 11 months this year, industry data showed. Their proportion of market caps out of the total market cap also rose.Market cap refers to the total market value of a company’s outstanding shares, calculated by multiplying the percentages by the stock price.Fo
PharmAbcine, an immuno-oncology company, might be a promising biotech firm once it goes public on the KOSDAQ market with anticancer pipelines, industry sources said. The biotech firm had failed to be listed on the tech-heavy exchange under the “technology exception policy” twice. However, it finally passed the Korea Exchange’s preliminary review for listing in a third try. The company may be a
With precision medicine industry expected to grow rapidly with the advancement of genomics, physicians’ capability to analyze big data and utilize artificial intelligence (AI) will become more significant in the future, a report said. The Biotech Policy Research Center on Thursday released the report on the status of the global precision medicine market and its outlook. Precision medicine
The local Oriental medicine community recently faced a major setback, failing to have Oriental medical schools listed on the World Directory of Medical Schools (WDMS).The World Federation of Medical Education (WFME) sets medical education criteria, evaluates whether a school’s medical education curriculum complies with the requirements, and grants certification as a medical education instituti
To prepare well for inter-Korean cooperation in the healthcare sector, South Korea needs to collect more statistics about North Korea’s healthcare situations, a report said.The leaders of South and North Korea agreed in Pyongyang last month to strengthen cooperation in the areas of quarantine and healthcare to prevent the influx and spread of infectious diseases, including taking emergency ste
Korea’s exports of pharmaceutical products to the U.S. slightly went down in the first nine months of the year, while those shipped to China grew rapidly, government data showed. The total exports of pharmaceutical products expanded.Pharmaceutical products under the HS Code 30 include medicines (anticancer drugs, aspirin agents, and vitamins), cotton/gauze/bandages, reagents/contrast agents/em