Korea University Medical Center said Thursday it would shift its growth strategy from increasing the number of beds to investing in the bio-health business for the future.The KUMC’s two hospitals – Korea University Anam Hospital and Korea University Guro Hospital – were designated as research-based hospitals in 2016. Last year, the KUMC won the state project to lead the national development of
“As Gilead Sciences pursues cure of all diseases, I wouldn’t mind sales decline.”So said CEO Lee Seung-woo when asked how Gilead Sciences Korea would deal with falling global revenues of Gilead Sciences. The pharmaceutical firm’s revenue has been on a steady decline due to sliding sales of Sovaldi and Harvoni, the hepatitis C treatments that had led Gilead’s revenue growth for years. The s
Lilly Korea’s biological agent Taltz (ingredient: ixekizumab) used as psoriasis treatment is expected to have a significant impact on rival products owing to its higher efficacy, an expert said.Existing biological agents used as psoriasis treatment include Novartis Korea’s Cosentyx (secukinumab, approved in September 2015), Janssen Korea’s Stelara (ustekinumab, approved in June 2011), Korea Ab
Tego Science reportedly plans to release its cell therapy Rosmir to treat under-the-eye wrinkles in the first half of the year. And industry watchers are paying attention to whether the new drug will be a game changer in the Botox market.The company received approval for the anti-wrinkle cell therapy on Dec. 28, the first of its kind in the world.Compared to U.S. firm Fibrocell’s LaViv
Multinational pharmaceutical companies have recently struggled over labor disputes due to the management’s push for restructuring and voluntary retirement amid declining revenues.However, a Danish drugmaker’s Korean unit head confidently says the company has no plan to reduce the number of employees, “thanks to strong pipelines.”Rana Azfar Zafar, the general manager of Novo Nordisk Korea,
Multinational pharmaceutical giants are getting ready to release new drugs this year in the local market amid intensifying competition to make the drugs safer and more effective.Sanofi, which introduced Cerdelga (ingredient: eliglustat) for adults with type-1 Gaucher disease with the improved convenience of medication (once or twice a day) in January, is preparing to release several other trea
With Lilly Korea’s Lartruvo (ingredient: olaratumab) obtaining insurance benefits, the combination of Latruvo and doxorubicin might become a standard first-line treatment for soft tissue sarcoma, an oncology professor said.Lartruvo received approval from the Ministry of Food and Drug Safety in March last year. Latruvo sells at 1,064,000 won ($978.8) per vial, with its insurance taking effect f
More health insurance coverage for expensive immunotherapies caused claims for immunotherapies to rise despite a decline in prescription days last year, government data showed.According to data from the Health Insurance Review & Assessment Service, claims for therapies to treat malignant tumors exceeded 1.1 trillion won ($1.01 billion) last year, after surpassing 1 trillion won in 2016.The
South Korea’s drug exports rose fastest to China last year, and medical devices shipments, to Vietnam, government data showed Monday.According to the Global Trade Report by the Korea Trade-Investment Promotion Agency (KOTRA), the exports of pharmaceutical products to China jumped 375.4 percent year-on-year to $335 million. Pharmaceutical exports to the Middle East and Europe also increased 28.
There has been much gossip about reasons MSD Korea CEO Avi BenShoshan became the new chairman of the Korea Research-based Pharma Industry Association (KRPIA). Many speculate this move is to support the U.S. pharmaceutical industry’s stance in talks to revise the bilateral free trade deal between Korea and the U.S.Korea’s new drug pricing policy is one of the key issues in discussions to am
DHP Korea, a manufacturer of eye drops and other ophthalmic agents, faced a three-day limitation in stock trade on KOSDAQ from Wednesday, due to overheating.The Korea Exchange orders the so-called single price transaction on overheated shares to limit stock trades. The shares under the regulation should trade in every 30 minutes. Calls are gathered in 30-minute basis and shares are sold at a s
Sales of contrast medium products went down in the domestic market last year, contrary to analysts’ rosy forecasts based on population aging, government data showed Wednesday.Physicians use contrast media, or contrast agents, to check contrasted structures or blood vessels in the body in computed tomography (CT) or magnetic resonance imaging (MRI) scans.According to data from the Health In
Prescription sales of antihypertensive drugs and antiarteriosclerotic treatments soared in Korea by more than 100 billion won ($93 million) last year compared with 2016, government data showed.MSD Korea’s Atozet enjoyed the fastest growth among antihypertensive treatments, and Daewoong Pharmaceutical’s Sevikar HCT, among antiarteriosclerotic drugs.According to data from the Health Insuranc
A medical 3D printing technician, a Big Data analyst, and an artificial intelligence expert are among the promising occupations with new certificates, a human resources development supporting agency said.Human Resources Development Service of Korea (HRD Korea) on Wednesday released a report that suggested “20 promising new state certificates to prepare for the fourth industrial revolution,” af
Shares of Celltrion and its two affiliated firms plunged on Wednesday, and analysts attributed the fall to profit-taking by investors.On the tech-heavy Kosdaq, shares of Celltrion, Celltrion Healthcare, and Celltrion Pharm all tanked about 10 percent, showing the largest declines among biotech-related stocks. Celltrion Healthcare, the distributor of Celltrion’s biosimilar products overseas, sa
As the reevaluation nears for drugs approved under risk-sharing agreements (RSA), experts are actively discussing how to improve the RSA system.RSA refers to an agreement between a pharmaceutical company and the National Health Insurance Service (NHIS) to share the responsibility for uncertainties regarding the drug’s efficacy.On Tuesday at the National Assembly, Rep. Kim Seung-hee of the
South Korea’s exports of pharmaceutical products expanded 20 percent in 2017 from a year earlier, government data showed Tuesday. Exports of medicaments also increased 4 percent last year.According to data from the Korea Customs Service, annual exports of pharmaceutical products under the HS Code 30 reached $2.89 billion in 2017, up 20.5 percent ($492 million) from a year earlier. Imports of p
Shares of manufacturers of eye drops and masks have risen on Monday, with the government issuing emergency measures to reduce air pollution caused by fine dust particles.Yungjin Pharm, DHP Korea, Samil Pharm, Cho-A Pharm, Ahn-gook Pharm, and Boryung Pharmaceutical saw their stock prices all going up on Monday. The companies are called “fine dust-themed stocks” as their products help people cop
The postmenopausal use of aromatase inhibitor (AI) on breast cancer patients, originally intended to prevent recurrence, raises the chance of fracture, a local study showed.The National Health Insurance Service (NHIS) Ilsan Hospital recently unveiled the study, named “the fracture risk caused by anti-hormonal drugs in postmenopausal women with breast cancer.” The hospital used NHIS data for th
Sanofi Genzyme emphasized the convenience of Cerdelga (Ingredient: eligustat), an oral treatment for Gaucher disease type 1, which has recently gained insurance coverage, in a news conference at the Novotel Ambassador Seoul Gangnam Hotel Friday.Cerdelga, which halts the accumulation of the fat molecule glucosylceramide and Gaucher cells by partially inhibiting the glucosylceramide synthase