Samsung Medison is planning to introduce a next generation ultrasonic medical device this October, aiming to take a leading position in the global market. The company has been all-out to develop strategic products to shake the world’s ultrasonic medical device market.According to the medical and bio
Invossa, Korea's first gene therapy drug for knee osteoarthritis developed by the Kolon Group, made a foray into China, the largest market in Asia. Kolon signed a contract to supply 230 billion won (US$207 million) worth of Invossa to Henan Province in China for five years. The deal represents o
A Korean company announced on July 17 that it has found the hull of a Russian “treasure ship” that sank 113 years ago in waters off Ulleung Island in the East Sea.The ship, dubbed the Dmitrii Donskoii, was a first-class armored cruiser of the Russian Baltic Fleet. It is said to be carrying 5,500 box
Korean biotechnology companies are stepping up efforts to make a foray into the microbiome market. They are pushing to develop products that use microbes in the body to treat various diseases.The microbiome market is regarded as the next battlefield for biotechnology firms and pharmaceutical compani
The South Korean government’s nuclear power R&D is increasingly focusing on decommissioning and safety enhancement in step with the Moon Jae-in administration’s zero-nuclear power policy. Under the circumstances, experts point out that South Korea’s competitiveness in the global nuclear power plant
The Korea Biotechnology Industry Organization participated in the Redefining Early Stage Investments (RESI) conference held in Boston, the US, on June 4 (local time) to introduce promising Korean bio start-up companies to early stage investors from around the globe.The Wave Talk, one of the 13 Korea
An increasing number of South Korean small and medium-sized companies are pushing into the biotech industry by acquiring promising but undervalued foreign pharmaceutical venture companies.According to industry sources on June 13, Feelux Co., a manufacturer of lighting products, announced on June 12
Macrogen announced on June 5 that the company established Macrogen Asia Pacific, a local corporation in Singapore.Macrogen Asia Pacific is Macrogen's second corporation in Asia, with the first one operating in Japan. The new corporation is located in Biopolis, a biomedical research park in Singa
Orphan drugs, which refer to drugs developed to treat rare diseases, are emerging as a new battlefield for global pharmaceutical companies. They have been neglected by the industry because the number of rare disease patients is small and it is hard to carry out clinical trials. However, orphan drugs
Domestic pharmaceutical companies, which have been focusing on emerging countries such as Southeast Asia and South America, are stepping up efforts to advance into the US, the world's largest pharmaceutical market.According to industry reports on March 23, Green Cross Corp. recently established
Financial Services Commission (FSC) Chairman Choi Jong-ku said on May 18 that he would actively take the International Financial Reporting Standards (IFRS) into account at the second meeting of the Accounting Oversight Deliberation Committee (AODC) regarding the accounting fraud allegations against
Fresh investment in venture companies hit an all-time high in the first quarter of this year.The Ministry of SMEs and Startups announced on April 23 that the amount of new venture investment totaled 634.8 billion won (US$571 million) in the first quarter, up 56.6% from a year earlier. During the sam
The National Smart City Demonstration Complexes such as the Sejong 5-1 Life Zone and Busan Eco Delta City pursued by the government will be created by creative and innovative people such as brain engineers and start-up nurturing entrepreneurs.The 4th Industrial Revolution Committee directly under th
Is this a growth pain or a bomb game?With biotech stocks still showing a sharply upward tendency, voices urging to brace for a bubble burst of small and mid-sized biotech stocks are growing. They point out that the bubble bursting time is gradually approaching due to several unfavorable factors such
Financial authorities are carrying out a special audit for Samsung Biologics Co. on accounting fraud allegation while opening the possibility of innocence. A senior official from the financial authorities said on March 1, “Since we haven’t finished the special audit for Samsung BioLogics, nothing ha
During a press conference on April 1, Kwon Oh-jun, chairman of POSCO Co. which celebrates its 50th anniversary this year, stressed that POSCO needs new business other than steel in order to leap toward greater 50 years ahead. He said, “We cannot last 100 years with steel business alone. We should ma
South Korean researchers have succeeded in developing a nanofiber-based filter that can efficiently filter out ultra-fine dust.The Korea Research Institute of Bioscience and Biotechnology (KRIBB) announced on March 29 that its smart IT convergence system research team has developed a nanofiber-based
The BIO KOREA 2018 International Convention will run at COEX, Seoul, Korea for three days from May 9 to 11 to identify the present and future of the biotechnology and medical industries at home and abroad.The exhibition, hosted by North Chungcheong Province and the Korea Health Industry Development
Lotte Chemical Corp. ranked first in the chemical industry in terms of operating profit last year for two years in a row. Previously, LG Chem Ltd. slightly surpassed Lotte Chemical in terms of operating profit according to tentative performance results but the result was upended according to final p
SK Telecom Co. will acquire ID Quantique (IDQ), the world's No.1 quantum-safe cryptography solutions provider based in Switzerland.The company announced on Feb. 26 that it will receive 50% majority shares in IDQ with the investment of 70 billion won (US$65.38 million). SK Telecom’s quantum technolog