Top 10 pharmaceutical stories in 2017 ③

The Korean pharmaceutical industry continued to grow this year, with the market size exceeding a historical 20 trillion won ($18.5 billion) landmark. Global success stories of Celltrion and Samsung Bioepis are ongoing news, and more Korean pharmaceuticals are entering the U.S. market. Kolon Life Science released the new, domestically-developed drug Invossa and other Korean pharmaceutical firms followed suit. Illegal rebates remained a current problem while patients expressed outrage against high drug prices. The government unveiled policies that slashed drug costs to regulate prices, keeping pharmaceuticals on their feet. The following are the 10 biggest pharmaceutical stories in 2017 – Ed.

Some sexual harassment cases at multinational pharmaceuticals were on the lips of industry officials and watchers.

A managing employee from Pfizer Korea had sexually abused female employees for years, it was found. After the case was reported, the perpetrator, who groped female employees while drunk, received no other penalty aside from a division transfer. Victims were forced to take a leave of absence, reports said. In response to criticism of the measures taken, Pfizer Korea said it took corrective steps to punish the perpetrator and strengthen education and related regulations to prevent recurrence.

Novartis Korea also dealt with sexual harassment. A female employee at Novartis allegedly made inappropriate physical contact and sexual comments to her junior staff at a dinner after a company event. Other employees at the dinner said the female executive’s advances were out of line. After receiving the report, the company put the female executive’s position on hold and set up a committee to discuss punishment. Immediately after the panel was set up, the perpetrator voluntarily left the firm citing personal circumstances, reports showed. The company clarified it operates an internal reporting system so employees can report similar cases.

Copyright © KBR Unauthorized reproduction, redistribution prohibited