Gore Medical has secured a significant increase in the insurance cap for its artificial blood vessels to 1.37 million won ($1,210). The price rise was the center of attention due to the government’s inability to secure a stable supply of artificial blood vessels for children with heart problems.
According to the Ministry of Health and Welfare, it has recently decided to raise the price of Gore’s artificial blood vessels to 1,372,000 won through a review by the Health Insurance Policy Review Committee.
The final rate is four times higher than the product’s previous price, which means that the ministry referred to the overseas costs of the product as it said it would be doing in its National Assembly report.
With the ministry’s decision to raise the price, Gore Medical, which had withdrawn its product from the domestic market after the local good manufacturing practice (GMP) inspection from the Ministry of Food and Drug Safety and low insurance coverage, had the last laugh on the Korean government, at least concerning its price, industry watchers said.
The health authorities did not disclose a separate position on the sharp increase in Gore's artificial blood vessel insurance price.
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