A local court issued an arrest warrant for Kolon Life Science CEO Lee Woo-sok for the labeling error of a drug ingredient in Invossa-K, now-defunct gene therapy for osteoarthritis.The Seoul Central District Court issued the arrest warrant for Lee on Saturday morning, saying most of the criminal charges against Lee have been explained, and the issue was grave. “Considering the status of the
The local pharmaceutical industry is canceling annual events and meetings as fears over the new coronavirus are spreading with the rising number of locally-transmitted cases.As of Monday morning, the number of confirmed cases in Korea climbed to 15.The Ministry of Food and Drug Safety said it would nullify a luncheon meeting with CEOs of pharmaceutical companies, initially scheduled for Ma
Samsung BioLogics saw its earnings surge last year, as it pursued more contract research orders on top of contract development and manufacturing. The company’s annual sales surpassed 700 billion won ($600 million) in 2019, which was a record high.Samsung BioLogics said Wednesday its annual revenue went up 30.9 percent on-year to 701.6 billion won in 2019, and operating profit, up 64.8 percent
“In Boston, corporations are making successful cases through collaboration with universities, government agencies, and startup firms. We have great anticipation for Korean pharmaceutical companies to join us through a consortium with the pharmaceutical industry association.”John Roberts, Director of Corporate Relations at Massachusetts Institute of Technology (MIT), said so and explained about
Daewoong Pharmaceutical said the U.S. sales of its botulinum toxin Nabota (U.S. brand name: Jeuveau) exceeded 20 billion won ($17.2 million) in the fourth quarter. As the proportion of re-orders increased, the accumulated sales expanded to 40 billion won for eight months since the market release in the U.S. in May, the company said.According to the recent report by Evolus, the partner firm of
Exports of botulinum toxin products recorded the largest volume last year in Korean history.Shipments to China rose significantly after a brief decline due to Beijing’s strict crackdown on merchants, who purchase tax-free goods in Korea and sell them in China. Exports to the U.S. also jumped, raising the total exports of botulinum toxin by over 50 percent year-on-year in 2019.The export am
Korean pharmaceutical and biotech companies showed off their technological prowess at J.P. Morgan Healthcare Conference, which ran in San Francisco, the U.S, from Sunday through Thursday.Some introduced flagship pipelines to look for business partners, and others announced plans to tap the global market, including the U.S. and China. Most of the Korean firms held investor relations briefin
HLB, a Kosdaq-listed firm, said it would introduce new anticancer pipelines other than rivoceranib, the investigational drug that the company is working on.The company also commented on the controversy over whether its U.S. subsidiary would seek FDA approval for rivoceranib as a third-line or fourth-line treatment for gastric cancer.On the company’s website on Wednesday night, HLB released
LAS VEGAS, Nev. – The world’s largest home appliances and IT exhibition, CES 2020, closed the four-day event in Las Vegas, the U.S., on Friday.The healthcare sector, in particular, made significant progress at CES this year. Many Korean healthcare companies showcased their best technologies and ideas. Still, many of their services were unavailable in Korea due to domestic regulations.
LAS VEGAS, Nev. – “The reason sleep deprivation is still not resolved despite its significance is that sleep data is inaccurate. We need a new approach to get accurate, customized sleep data.”Mehmet Oz, an attending physician at New York-Presbyterian/Columbia Medical Center, emphasized the importance of sleep data, speaking at the Digital Health Summit as part of CES 2020 events in Las Vegas,
In the wake of the ranitidine recall, other antiulcer “tidine-class” drugs, proton-pump inhibitors (PPIs), and various mucosal protective agents have enjoyed sales growth, industry data showed.Artemisia extract-based drugs, led by Dong-A ST’s Stillen Tab., recorded a particularly rapid sales expansion in two months after the ranitidine ban. According to U-BIST data, sales of antiulcer med
After the regulator kicked ranitidine and nizatidine out of the market due to carcinogen risks, pharmaceutical companies engaged in a silent war to sell their alternative drugs in the 260 billion won ($222.8 million) ranitidine market.Some drug companies quickly responded and boosted earnings by nearly five folds in two months, while others failed in the severe competition and slid in sales ra
Korean biotech companies, which drove up the buying spree on the Kosdaq market in 2018, suffered severe ranking fluctuations last year hit by negative issues such as clinical trial failures.Some firms that achieved the fastest stock price growth had to yield their high rankings to newcomers, which pulled off huge licensing-out deals with positive clinical results.The Kosdaq-listed biotech
This year was a year where the word "safety" was particularly highlighted in the healthcare industry. The N-Nitrosodimethylamine (NDMA), a potentially carcinogenic substance, which caused a ruckus after being detected in valsartan-based antihypertensive treatment last year, was further extended to ranitidine and nizatidine. Earlier this month, the medical community was startled when the carcinogen
This year was a year where the word “safety” was particularly highlighted in the healthcare industry. The N-Nitrosodimethylamine (NDMA), a potentially carcinogenic substance, which caused a ruckus after being detected in valsartan-based antihypertensive treatment last year, was further extended to ranitidine and nizatidine. Earlier this month, the medical community was startled when the carcinogen
The local health authorities said they have received the second report of breast implant-associated anaplastic large cell lymphoma (BIA-ALCL) in a patient who had Allergan’s specific type of textured implant.The Ministry of Food and Drug Safety and Korean Society of Plastic and Reconstructive Surgeons (KSPRS) said Thursday they had an additional report of a local patient with BIA-ALCL.The
Humedix said it has won a local patent on a new substance called “nicotinamide riboside (NR) derivatives conjugated with fatty alcohol” that has an anti-aging effect, which the company said was for the first time in the world.Humedix has been searching for new high-performance cosmetic materials, paying attention to the properties of nicotinamide adenine dinucleotide (NAD+) introduced in many
The Ministry of Food and Drug Safety warned that patients with a respiratory risk could develop serious breathing difficulties if they take gabapentinoid-class drugs used for epilepsy and neuropathic pain.The regulatory agency issued a safety letter regarding gabapentinoid use on Monday. Gabapentinoid products include Pfizer’s Neurontin (ingredient: gabapentin), Lyrica (pregabalin), and generi
Vaxcell-Bio Therapeutics, an immunotherapy developer, said it has passed the financial regulator’s technology evaluation to be listed on the Kosdaq market.The company said Monday it passed the assessment after receiving a high rating from E Credible and Korea Technology Finance Corporation. Vaxcel-Bio is to submit a preliminary review application to the Korea Exchange in early 2020 and see