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Friday, January 19, 2018

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A research team led by Professor Oh Deok-kun of Konkuk University developed a substance similar to lipid regulating agents in human body using microbial enzyme.

Microbial Enzyme Drug for Diabetes

17 January 2018 - 11:00am
Choi Mun-hee

The Ministry of Science and ICT announced on January 16 that a research team led by Professor Oh Deok-kun of Konkuk University developed a substance similar to lipid regulating agents in human body using microbial enzyme and confirmed the potential as a drug for diabetes.

The research team successfully compounded substances, such as hepoxilin and trioxilin which are lipid regulating agents that control glucose metabolism with a minute amount of them existing in human body. Lipid regulating agents is a substance that is involved in various biological activities in the...

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Beef had the highest amount of imports with US$2.46 billion (2.62 trillion won), followed by pork with US$1.64 billion (1.74 trillion won) last year.

Increasing Food Import

17 January 2018 - 10:45am
Choi Mun-hee

South Korea imported more than US$25 billion (27 trillion won) worth of food last year, up 7 percent from a year earlier. The biggest shipment in monetary terms coming from the United States and in quantity terms from China.

The Ministry of Food and Drug Safety announced on January 16 that the nation’s food imports in terms of amount stood at US$25.09 billion (26.69 trillion won), weight at 18,293,759 tons and case at 672,268 last year. The figures in quantity and case terms increased 6 percent 7.5 percent, respectively, compared to a year ago.

Imported foods are categorized...

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Foreign limited liability companies (LLCs) operating in South Korea are expected to disclose information on their sales or profits from 2020 fiscal year.

Subject to Audit

17 January 2018 - 9:45am
Choi Mun-hee

A limited liability company (LLC) with a certain amount of sales and a considerable number of employees is required to conduct an external audit from the 2020 fiscal year. Accordingly, foreign LLCs operating in South Korea, which haven’t disclosed their accurate sales or profits such as Google, Apple and Chanel, are expected to disclose related information.

The Financial Services Commission (FSC) held an accounting reform task force meeting on January 16 to discuss detailed ordinances, including subject of external audit, periodic auditor designation system and listed firms’ auditor...

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Once the regulations on gene therapy are minimized, South Korean companies can conduct gene therapy research without limitation on the types of diseases.

Turning into Negative System

16 January 2018 - 11:45am
Choi Mun-hee

The South Korean government is planning to minimize its regulations on gene therapy and organ transplantation. Under the circumstances, research and commercialization of various types of biotechnology, such as CRISPR gene scissors, are expected to be accelerated.

Gene scissors are used to cut and correct certain target genes without touching the others. With this cutting-edge biotech, cancers, AIDS and various genetic diseases can be treated fundamentally. According to industry sources, the size of the global gene scissors market is estimated to increase from US$1.845 billion to US$...

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The number of global clinical trials in South Korea is increasing because of high quality of domestic medial institutions.

Due to High-quality Medical Services

16 January 2018 - 10:00am
Choi Mun-hee

The Korea National Enterprise for Clinical Trials (KoNECT) announced on January 15 that the U.S. had the most clinical trials in the world, taking up nearly 24.5 percent of the clinical trial protocol market share, after its analysis of the clinical trials registered with the U.S. National Institutes for Health’s website ClinicalTrials.gov last year.

After the U.S., Germany came in second place with 5.3 percent, followed by the U.K. with 5 percent, Canada with 3.9 percent and China with 3.7 percent. South Korea ranked sixth in the world with a 3.5 percent market share, moving two...

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Asiana Airlines has been operating four A350 airplanes which provide in-flight Wi-Fi and mobile phone roaming services since May of last year. (photo courtesy: Asiana Airlines)

Wi-Fi Services in Flight

12 January 2018 - 10:30am
Choi Mun-hee

An improvement was made to the quality of an in-flight Wi-Fi service that only Asiana Airlines is offering among Korean airliners to such an extent that a video call can be made. However, it is said that the in-flight Wi-Fi service is in the toddler stage, compared to ground Wi-Fi services.

According to Asiana Airlines on January 11, the company has been operating four A350 airplanes which provide in-flight Wi-Fi and mobile phone roaming services since May of last year.

The paid Wi-Fi service is available for a fee of US$11.95 for an hour, US$16.95 for three...

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Customers of Cosmetics will be able to instantly create their own cosmetic products as they please at stores.

Customized Cosmetics Era to Come

11 January 2018 - 12:15pm
Choi Mun-hee

“Customized cosmetics” are only available in some cosmetics stores at the moment. However, they are expected to be more diverse and more accessible in the future. The Korean government has joined hands with cosmetics manufacturers, such as AmorePacific and LG Household & Health Care, to carry out a “customized cosmetics pilot project” from March 2016.

At the “Cosmetic Business CEO Conference” held at Conrad Seoul in Yeouido on January 10, Food and Drug Safety Minister Ryu Young-jin said, “In time for the Fourth Industrial Revolution, we will introduce “tailored cosmetics retail...

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The Korean government is going to sign agreements with Asian countries for compatible Good Manufacturing Practice (GMP) standards, compatible customs clearance procedure, regulatory unification, etc.

Unified Asian Regulation on Cosmetics

11 January 2018 - 12:15pm
Choi Mun-hee

The Ministry of Food and Drug Safety of South Korea announced on January 10 that it would form a new council with ASEAN member countries by 2019 so that regulations in the cosmetics industry can be made uniform in the region and South Korean cosmetics companies can better penetrate the ASEAN market.

To this end, the ministry is going to sign agreements with the countries for compatible Good Manufacturing Practice (GMP) standards, compatible customs clearance procedure, regulatory unification, etc. The ministry is also planning to enhance the role of the One Asia Cosmetics and Beauty...

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LG House Hold & Health’s royal-themed cosmetics brand ‘Whoo’, which was released in 2003, have recorded an annual sales growth of nearly 40 percent from 2004.

Annual 40% Growth on Average

9 January 2018 - 10:30am
Choi Mun-hee

LG Household & Health Care Ltd. announced on January 8 that its royal-themed cosmetics brand ‘Whoo’ surpassed 1.4 trillion won (US$1.31 billion) in sales last year. Its fermented cosmetics brand ‘Su:m’ also achieved sales of more than 380 billion won (US$355.81 million).

Whoo, which was released in 2003, have recorded an annual sales growth of nearly 40 percent from 2004. In particular, it has shown a remarkable growth in sales from 2006 after actress Lee Young-ae was chosen as its model. Its sales grew from 100 billion won (US$93.63 million) in 2009 to 800 billion won (US$749....

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Korean biopharmaceutical companies are seeking to develop new drugs with artificial intelligence (AI) technology.

AI Tech-based Drug Development

4 January 2018 - 12:00pm
Choi Mun-hee

South Korean biopharmaceutical companies are seeking to develop new drugs with artificial intelligence (AI) technology.

According to industry sources on January 3, Seegene Inc. succeeded in developing molecular diagnostic assays by using a newly created AI based assay development system. These assays are high multiplex real-time PCR reagents developed in their entirety by AI and are designed to simultaneously detect eight different DNA targets for each of meningitis and sexually transmitted infections. Seegene has become the world’s first company developing diagnosis reagents...

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