Six pharmaceutical companies have newly become the government-designated innovative drugmakers.
The Ministry of Health and Welfare said it recently approved six companies to become the Fourth Innovative Pharmaceutical Company, after a panel’s review. The six are Alteogen, ABL Bio, Ildong Pharmaceutical, Kolon Life Science, AstraZeneca Korea, and Janssen Korea.
A state-designated innovative pharmaceutical company gets priority to participate in state R&D projects including an international joint research and tax benefits.
In 2018, 17 pharmaceutical companies (six general companies, five ventures, and six foreign firms) applied for a new certification. The government conducted an in-depth evaluation of 16 firms, excluding one disqualified company.
The government picked the six companies as they had high R&D ratio to sales, owned various R&D achievements and innovative technologies, as well as various experiences of open innovation.
The government introduced the innovative pharmaceutical company designation system in 2012 and picked 43 firms in the initial year. In 2014, it newly designated five companies, and in 2016, seven.
“As six companies were newly certified as innovative pharmaceutical companies that are given to enhance local companies’ international competitiveness, they will enhance Korea's new drug development capabilities and activate open innovation even more,” said Yim In-taek, director general of the ministry’s Health Policy Bureau.
“The ministry plans to revise the innovative pharmaceutical company certification system to reflect corporate characteristics of conglomerates, mid-sized firms, and ventures in the certifying process,” he added.
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