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Saturday, November 18, 2017

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Weifang has been a key area of many dynasties or regimes since residents started living in the river water area from some 7,000 years ago

Coexistence of Tradition and Modernity

31 August 2016 - 11:30am
Choi Mun-hee

When we, the Korean press delegation, arrived at Weifang on June 26, it was already past noon. We unpacked our bags at the hotel and attended the lunch banquet hosted immediately by Ding Hanbang, vice head of the Weifang municipal publicity department. Speaking of a lunch dish made with radish, the vice head bragged that the peel of radish from the city tastes better than apple. When he said that about 10 percent of China’s radish comes from Weifang, I thought the city must be a traditional agrotown.

I felt more confident in the idea after I visited kite manufacturing factories in...

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The container terminal in Yantai port handled around 200,000 TEUs in relation with South Korea last year, showing a 10% increase year on year up to now this year.

Foothold of ‘One Belt, One Road’

27 July 2016 - 1:30pm
Jack H. Park

With a heavy rain pouring down, the Korean press delegation visited the Yantai China-South Korea Industrial Park in Yantai City located in Shandong Province, China, on June 23. There were plenty billboards lining the roads around the park, which read “Choose Yantai, Way Forward for the Future” and “Cross Park Development in Two Nations, Growth through Strategic Partnership.”

As a port city in Shandong province, Yantai has stressed the connection between China’s One Belt, One Road Initiative and Korea’s Eurasia Initiative, focusing on the attraction of Korean firms. The China-South...

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Pharmaceutical R&D Investment

4 July 2016 - 2:45pm

“Innovative” has become a trite descriptor, since marketing departments of pharmaceutical companies plaster the word everywhere. So who is actually investing the most in research and development?

Last year, the share of R&D spending against sales revenue among the top 10 pharmaceutical companies posted double digits.

According to the 2015 R&D report submitted by the top 10 pharmaceutical companies by sales in Korea, the average percentage of R&D expenditures against the sales revenue of these companies recorded 10.46 percent.

It turns out that, last year,...

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Hanmi Pharmaceutical R&D Investment

4 July 2016 - 2:00pm

Hanmi Pharmaceutical (Hanmi), which recently surprised the nation's pharmaceutical market with a series of blockbuster licensing deals valued at 8 trillion won (US$6.42 million), pledged to step up R&D efforts, CEO Lee Gwan-sun said during a press conference in March

Lee attributed the last year’s success through licensing deals with multinational pharmaceutical companies to Hanmi Pharmaceutical's persistent investment in the  R&D sector.

"Nearly 15 percent of the company's total sales revenue is reinvested in the company's R&D for the past 15 years. Such a ratio...

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Eutropin, a drug specializing in human growth hormone

LG Life Science

23 May 2016 - 12:15pm

LG Life Sciences (LGLS) is a Korea-based pharmaceutical company that tops other local pharmaceutical companies in the ratio of R&D contributions to sales. The company ranks 2nd in its reliance on exports for sales revenue, posting 43.6 percent, almost 3.6 times higher than the average for Korean pharmaceutical companies, which is 11.3 percent.

Among the leading export products are Euvax B, a hepatitis B vaccine, and Factive, an antibiotic. In particular, Euvax B, accounting for 50 percent of U.N. relief supplies, is exported to 70 overseas markets and has earned US$200 million...

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Hunterase is a drug for Hunter Syndrome, for which only one treatment option was available in the past. After developing Hunterase in 2012, Green Cross is emerging as a potent player in the international market for Hunter Syndrome drugs

Green Cross

23 May 2016 - 12:15pm

Green Cross Co. has invested up to 10 percent of its annual turnover in research and development (R&D). This year, the company is planning to increase R&D spending by more than 30 percent from last year.

By treatment, Green Cross is currently focusing on developing vaccines, recombinant proteins, plasma-derived proteins and monoclonal antibodies. By disease, Green Cross is concentrating its R&D resources on infectious diseases, cancer and rare incurable diseases.

For intravenous administrative therapies, Green Cross applied to the United States Food and Drug...

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Biotech Investment

31 March 2016 - 4:45pm
Jung Suk-yee

As investors are recently growing more and more interested in the biotechnology industry worldwide, not only listed companies but also unlisted ones are attracting much investment.

Since biotechnology firms need to focus on research and development for a long time, they have difficulties accomplishing their sales goals, and suffer a huge operating loss. Thus, the Small and Medium Enterprise Establishment Investment Association has been the major investor in the industry, in particular, for small and medium companies.

According to the data released by Korean Venture Capital...

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This price competition has been caused by E-Mart to strengthen its online business against a social commerce Coupang

Price War in Distribution Industry

29 March 2016 - 11:45am
Jung Min-hee

After the intense competition between online and offline companies, there is another price war between online and offline retailers lately. As a sense of crisis is spreading among existing offline companies due to the rapid growth of online retail firms, the nation’s largest large retailers, such as E-Mart and Lotte Mart, declared a price war in some products, saying, “(It is) cheaper than in social commerce websites.”

This price competition has been caused by the marketing effort of E-Mart to strengthen its online business. The company seeks to secure customers in their 20s and 30s...

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The Jeongseon Alpine Centre is under construction.

Alpine Centre Debut

21 December 2015 - 6:15pm
Matthew Weigand

The PyeongChang Organizing Committee for the 2018 Olympic & Paralympic Winter Games is getting ready to open the Jeongseon Alpine Centre to the world in February 2016 by hosting the FIS Ski World Cup.

The Jeongseon Alpine Centre, the first of its kind in Korea, will be the center of the alpine speed events of downhill, super-G and alpine combined for the 2018 Olympic Winter Games program.

Scheduled for completion by October 2016, the Centre will also host the initial test event of PyeongChang 2018 next February. The FIS Ski World Cup men’s downhill and super-G races are...

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The headquarters building of the Ministry of Trade, Industry and Energy in Sejong City, South Korea. Inset: Lee Gyu-bong, secretary of the Smart Factory Division at the Ministry of Trade, Industry and Energy.

Interview with Secretary Lee Gyu-bong

23 November 2015 - 3:30pm

Business Korea met with Lee Gyu-bong, the Secretary of the Smart Factory Division at the Ministry of Trade, Industry & Energy. In charge of designing policies relating to smart factories, he is a leading figure in Korean government policy on smart factories. During the interview, we discussed Innovation in Manufacturing 3.0, the Korean version of Industry 4.0, and the challenges surrounding creating a new paradigm of manufacturing.

Although Korea is recognized as a manufacturing powerhouse, recently the country ranked 17th out...

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