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Monday, October 23, 2017

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LG Household & Health Care’s “Whoo” at Lane Crawford Department Store in Hong Kong.

Royal Cosmetics Brand

20 October 2017 - 10:45am
Choi Mun-hee

The royal cosmetics brand “Whoo” of LG Household & Health Care broke through 1 trillion won (US$900 million) sales early this month.

“Whoo” achieved sales of 1 trillion won for the first time on November 3 of last year since its brand launch but this year the brand reached the point a month earlier.

Since its launch in 2004, Hu posted 100 billion won (US$90 million) in sales in 2009. Its sales exceeded 200 billion won (US$180 million) in 2013, 400 billion won (US$360 million) in 2014, and 800 billion won (US$720 million) in 2015 and 1.2 trillion won (US$1.0 billion) last...

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Hanmi Pharmaceuticals’ Poziotinib showed more than 40 times stronger potency than TKIs in cancer treatment test.

Effectiveness Approved

19 October 2017 - 1:30pm
Choi Mun-hee

The result of a clinical study evaluating poziotinib, a MEK-targeted cancer treatment which was developed by Hanmi Pharmaceutical and licensed out by U.S.-based Spectrum Pharmaceuticals, was announced on October 18 at the World Conference on Lung Cancer (WCLC) held in Yokohama, Japan.   

At the announcement, Dr. John Heymach, a professor at the University of Texas MD Anderson Cancer Center and one of the internationally known leaders in the field of clinical oncology, said, “Poziotinib showed superior efficacy in non-small-cell lung cancer patients with exon 20 mutation than...

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South Korean pharmaceutical and biotech companies are increasingly setting up branches, joint ventures and subsidiaries abroad.

Focusing on Localization

16 October 2017 - 10:45am
Choi Mun-hee

An increasing number of South Korean pharmaceutical and biotech companies are setting up branches, joint ventures and subsidiaries abroad.

Particularly successful examples include Hanmi Pharmaceutical’s Beijing Hanmi Pharmaceutical established in 1996 and Ilyang Pharmaceutical’s Yangzhou Ilyang Pharmaceutical established in 1998. These corporations have helped their parent companies expand their business in China by means of localized marketing.

Boryung Pharmaceutical set up an investment company in Hong Kong in March this year and a local subsidiary in Beijing in the...

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From left: Green Cross Laboratories Director Lee Eun-hee, Sudan Central Lab Director Dina Ahmed Hassan Ibrahim, Green Cross MS CEO Kim Young-pil, and Elrayih Hydoub, deputy chief of the Sudan Embassy in Seou.l

Bridgehead for African Market

11 October 2017 - 1:15pm
Choi Mun-hee

Green Cross MS and Green Cross Laboratories announced on October 10 that they have signed a memorandum of understanding (MOU) to cooperate in clinical examination sector with Sudan Central Lab, which is under the umbrella of the Sudanese government, at the Green Cross MS headquarters in Yongin, Gyeonggi Province.

Under the agreement, Green Cross MS will transfer technologies about production facilities, provide semi-finished products and implement businesses related to its blood glucose measuring devices, while Green Cross Laboratories will provide consulting services regarding its...

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The overseas spending in the first half of this year swelled 9.9% from the previous year while the spending in the second half of last year gained by 7.3% year on year.

Spending in Overseas

9 October 2017 - 3:30pm
Choi Mun-hee

It has been found that in the past one year, Koreans spent more than 30 trillion won (US$27 billion) in foreign countries.

According to Korean households’ final consumer spending statistics in the national accounts of the Bank of Korea on October 2, Koreans spent 30.286 trillion won (US$27.25 billion) from July of last year to June of this year.

Consumer spending refers to the amount of money that households pay for their living expenses, such as food, clothing, shelter and transportation. Overseas consumer spending...

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The number of outbound local tourists almost doubled that of the foreign inbound travelers to Korea.

Travel Account Deficit

9 October 2017 - 3:30pm
Choi Mun-hee

The Korea Tourism Organization (KTO) announced on October 8 that a total of 8,864,182 foreigners visited South Korea for the first eight months of this year, down 22.8% from a year ago, whereas 17,395,510 South Koreans, up 17.7% from a year earlier, went abroad during the same period. This means that the number of outbound local tourists almost doubled that of the foreign inbound travelers to Korea.

This has to do with a rapid decline in the number of inbound Chinese tourists. During the eight months, 2,873,566 Chinese tourists visited South Korea, down 48.8% compared to the same...

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The Korean government is going to increase the number of new drug candidates developed by South Korean companies by 100 by 2026.

New Drug Development

28 September 2017 - 4:30pm
Choi Mun-hee

The South Korean government held a meeting on September 27 and finalized its biotechnology development plan for the period of 2017 to 2026.

According to the plan, the government is going to increase the number of new drug candidates by 100 to 185 in 2026 and help the companies come up with at least five new blockbuster drugs. To this end, the government invests 500 billion won (US$450 million) until 2026 in an open innovation project covering the industry, research institutes, hospitals and the academic community.

In addition, the government is going to raise a mega fund for...

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AHC store of Carver Korea.

K-Beauty Power

26 September 2017 - 2:15pm
Choi Mun-hee

Global beauty company Unilever acquires Carver Korea, a Korean makeup brand that became famous through its AHC line, for 3 trillion won (US$2.7 billion). It means that amid the tension of THAAD, domestic beauty brands have taken a direct hit, and beauty brands with technical know-how and specialty products are becoming case studies and showing off their potential.

Unilever revealed on September 26 that it acquired a 60.39% majority of stocks in Carver Korea, a leader of the Asian skincare market, from Bain Capital Private Equity and Goldman Sachs for 2.27 billion EUR (approx. 3.61...

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The 2017 UAE Dubai Korean Medical Wellness Tourism Expo was held at Intercontinental Hotel Dubai Festival City in Dubai of the UAE from 22 to 23 (local time).

K-Medical Mart

25 September 2017 - 3:30pm
Choi Mun-hee

The United Arab Emirates (UAE) emerging as a mecca of “K Medical” hosted an event to promote the Korean medical industry and its competitiveness.

The 2017 UAE Dubai Korean Medical Wellness Tourism Expo hosted by the Korean Ministry of Culture, Sports and Tourism and the Korea Tourism Organization was held at Intercontinental Hotel Dubai Festival City in Dubai of the UAE from 22 to 23 (local time).

"Korea's medical and wellness travel mart was held for three consecutive years in the UAE," said Kang Gyu-sang, head of the Korea Tourism Organization's Dubai branch. "Our goal is...

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Samsung Bioepis and Celltrion have obtained about 10 approvals in the global biosimilar market and this number is equivalent to approximately 30% of the global total.

Patent Strategy Needed

21 September 2017 - 11:15am
Choi Mun-hee

According to industry sources, multinational pharmaceutical companies are hindering the growth of the global biosimilar market by using their patents.

AbbVie’s Humira has been the best-selling medicine in the world for years and the American pharmaceutical company recorded US$16 billion in sales last year with this item alone. Key U.S. patents related to this medicine expired in December last year and three biosimilar products based on it have been approved by the U.S. and European health authorities, including Samsung...

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