The government plans to invest 500 billion won over the next five years in five additional specialized complexes for materials, parts, and equipment, aiming to develop them into core bases for the supply chain. Space, aerospace, defense, and hydrogen are newly added as strategic technology sectors,
This summer, the country has seen an unusually high number of landslides due to concentrated heavy rainfalls. In 2023, the nationwide damage from landslides amounted to 2,410 cases with 458 hectares of land lost, resulting in 15 fatalities. Business Korea had a detailed conversation with Choi Byeong
Medytox announced on Oct. 24 that it has withdrawn its application to China’s National Medical Products Administration (NMPA), which was filed in 2018 for the import of its Meditoxin product (export name: Neuronox). Instead, the company will actively push for its entry into the Chinese market with i
On Aug. 2, the Korea National Railway announced that it has secured a contract for the “Preliminary Survey for the Construction and Operation of Tajikistan’s Urban Railway” as part of the “2023/24 KSP Policy Consultation Project” managed by the Ministry of Strategy and Finance and implemented by the
The government has designated seven specialized complexes for the nation’s advanced strategic industries such as semiconductors, secondary batteries, and displays. In addition to this, five specialized complexes for materials, parts and equipment have also been newly designated to focus on five othe
Medytox announced on Feb. 27 that a high-level delegation from Dubai conducted due diligence on two Medytox factories in Osong, Korea on Feb. 23 and 24.The delegation was led by Marwan Abdulaziz Janahi, CEO of Dubai Science Park (DSP) under Tecom Group, a state-run company in Dubai.DSP’s visit to Ko
SPC Paris Baguette announced on Feb. 21 that it has offered 20 college students an opportunity to intern at its subsidiary in the United States.Paris Baguette signed an MOU with Woosong College to provide an on-the-job training program to Paris Baguette Bakery class students in the United States whi
Aprogen has joined a race to take over a current good manufacturing practice (cGMP) production facility in North Carolina of the United States. The move reflects its strategy to quickly advance into the U.S. market in response to U.S. President Joe Biden’s policy to favor U.S.-made biotech products.
Chong Kun Dang Bio is accelerating preparations to enter the global botulinum toxin market as construction of a dedicated production line has been completed.The company recently announced that it has obtained approval from the Ministry of Food and Drug Safety for exporting its botulinum toxin Tyemve
The author is an analyst of NH Investment & Securities. He can be reached at jack.baek@nhqv.com. -- Ed. The health functional food market reached a peak in 2020, with growth slowing slightly in 2021. Nevertheless, Novarex is expanding stably thanks to its: 1) new production facilities and increased
With the European Medicines Agency (EMA) resuming on-site inspections after a hiatus caused by COVID-19, an increasing number of South Korean companies are entering the contract development and manufacturing market, which is expected to reach US$20 billion in 2026.The EMA conducted production site i
AbbVie of the United States has returned the rights concerning a botulinum toxin candidate to Medytox of South Korea, as the contract has expired.Medytox licensed out its technology for liquid botulinum toxin to Allergan of the United States in 2013. Initially, the Korean drugmaker sought to enterin
The authors are analysts of Shinhan Investment Corp. They can be reached at changmin.yoon86@shinhan.com and jy.son@shinhan.com, respectively. -- Ed. 2Q21 operating profit falls short at KRW6.7bn (-2% YoY)NOVAREX reported operating profit of KRW6.7bn (-2.3% YoY) for 2Q21, missing our estimate. Sales
The authors are analysts of Shinhan Investment Corp. They can be reached at changmin.yoon86@shinhan.com and jy.son@shinhan.com, respectively. -- Ed. 1Q21 operating profit ofKRW8bn (+46% YoY) meets consensusNOVAREX posted operating profit of KRW8bn (+46.3% YoY) on sales of KRW62.3bn (+24.5% YoY) for
The author is an analyst of NH Investment & Securities. He can be reached at jack.baek@nhqv.com. -- Ed. Novarex secured a 2020 sales increase of 40% y-y. With a favorable business environment remaining in place, the firm’s earnings should level up again this year on capacity expansion and export gro
Korus Pharm has formed a consortium to produce Russia's Sputnik V COVID-19 vaccine.Korus Pharm signed a memorandum of understanding with seven Korean companies on Feb. 25 to launch the consortium. The seven included Binex, ISU Abxis, Boryung Biopharma, Chong Kun Dang Bio, Quratis, Humedix and An
The authors are analysts of Shinhan Investment Corp. They can be reached at yoon86changmin and minseo.cho@shinhan.com, respectively, -- Ed. 4Q20 OP of KRW7.2bn (+61% YoY) better than expectedNOVAREX posted operating profit of KRW7.2bn (+60.5% YoY) on sales of KRW55.1bn (+22.9% YoY) for 4Q20, exceedi
Korea’s major biotech and healthcare companies, including Samsung Biologics and Celltrion, will invest a total of 10 trillion won by 2023.The Ministry of Trade, Industry and Energy announced its strategy to promote the biotech and healthcare industry and strengthen its technological capabilities at
The authors are analysts of NH Investment & Securities. They can be reached at jack.baek@nhqv.com and kyeongkeun.kang@nhqv.com, respectively. – Ed. Amidst the domestic health functional food market boom, demand for ingredients that have obtained product-specific approval has been soaring, a developm
The author is an analyst of NH Investment & Securities. He can be reached at jack.baek@nhqv.com. -- Ed. Novarex’s 2Q20 earnings came in solid, exceeding the market projections. We expect the firm’s 3Q20 earnings to record quarterly highs, backed by both the entering of a high-demand season and sales