A revised law, which will go into effect on Dec. 23, will obligate medical institutions and pharmacies to make payments to drug suppliers within six months of purchase, a government official said Friday.
However, medical care organizations whose transactions are less than 3 billion won ($2.6 million) will be exempt from such obligation.
The government will also seek to reduce the interest rate of 20 percent, imposed on those who paid belatedly, to 15.5 percent, the official said.
“Regulatory Information Portal(RIP)규제개혁위원회 passed the revision bill and medical care organizations with less than 3 billion won in transaction will be exempt,” said the official at the Pharmaceutical Affairs Division of the Ministry of Health and Welfare (MOHW)보건복지부 in a meeting with reporters.
“RIP will finish the review on the interest rate soon. The ministry will make the prior announcement of legislation after the end of the review.”
Meanwhile, the ministry said medical institutions that purchased drugs prior to the enactment of the revised law can make the payments within one year from Dec. 23.
Accordingly, they can make payments by Dec. 23, 2018.
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