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- 2026-04-15 02:43:36
- Company
- Lilly spent ₩9.7 billion in severance pay last year
- by An, Kyung-Jin Apr 13, 2021 05:46am
- Lilly Korea spent nearly ₩10 billion last year as employee severance pay. At the end of last year, the Hope Retirement Program (ERP) was launched for all employees of the sales department, and the amount of severance pay has jumped more than five times from the previous year. According to Lilly Korea's audit report submitted to the Financial Supervisory Service on the 10th, the company recognized ₩9.4 billion last year as retirement benefits. It is 5.4 times more than the ₩1.8 billion recorded in the previous year's retirement benefit. Lilly Korea has submitted an audit report for 15 years since 2006. The retirement benefits stated in the audit report submitted in 2006 amounted to ₩1.6 billion in 2004 and ₩1.8 billion in 2005. It is estimated that the reorganization carried out at the headquarters level last year had an effect. Eli Lilly headquarters last year reorganized with the aim of strengthening non-face-to-face sales activities such as digital programs and promoting productivity and efficiency within the organization. In November, the Korean subsidiary also operated ERP for 100 salespeople, including non-core fields. At that time, Lilly Korea was reported to have offered annual consolation benefits in addition to salary for years of service x 2 months + 8 months as ERP compensation. As of the end of last year, Eli Lilly had 232 employees. Actually, the number of employees who have completed the resignation procedure through ERP is not confirmed. However, compared to the 347 employees reported in 2005, the number of employees decreased by 115 in 15 years. The company has implemented ERP four times since 2014. Lilly Korea's sales last year were ₩162.8 billion, up 2.6% from the previous year. Compared to ₩113.9 billion in 2005, the scale of sales increased by 42.9% in 15 years. Operating profit was ₩10.3 billion and net profit rose 2.3% and 19.9% respectively to ₩9.5 billion.
- Policy
- New drug Leclaza, only drug price negotiations remain
- by Lee, Hye-Kyung Apr 13, 2021 05:45am
- 'Leclaza (Lazertinib)', a non-small cell lung cancer treatment by Yuhan Corporation, the 31st new drug developed in Korea, has passed the first step of reimbursement. After receiving approval from the Ministry of Food and Drug Safety on January 18, the HIRA's Pharmaceutical Benefits Advisory Committee recognized the appropriateness of reimbursement within 81 days. When the HIRA notifies the Minister of Health and Welfare of the results of the review, Leclaza will proceed with drug price negotiations for about 60 days with the NHIS at the order of the Minister of Health and Welfare. When the drug price negotiations with the NHIS are over, the final notification is made through the resolution of the Health Insurance Policy Committee of the Ministry of Welfare. According to the data released by the HIRA in 2017, it takes about 1,030 days for anticancer drugs, 475 days for rare disease drugs, and 550 days for general drugs from approval to notification from the MFDS. In comparison, the anticancer drug Leclaza is expected to shorten the salary registration period by about 30 months. 'Leclaza's high-speed registration process was accomplished because it utilized the permission-insurance drug price evaluation linkage system. The linkage of permit-reimbursement evaluation has been implemented by the MOHW since September 2014, and it is a system that allows new drugs that have been reviewed for safety and efficacy to request permission from the MFDS and at the same time request an evaluation of benefits from the HIRA. From 2016, it is possible to link approval-benefit evaluation to orphan drugs as well as new drugs, so that the pharmaceutical company can apply for drug price evaluation before formal approval if desired. On the other hand, Leclaza is a drug used for the treatment of patients with EGFR T790M mutation-positive locally advanced or metastatic non-small cell lung cancer who have previously been treated with EGFR-TKI. Based on the results of a phase 2 clinical trial (therapeutic exploration clinical trial) conducted in Korea last January, Yuhan applied for permission to the MFDS under the condition of conducting a phase 3 clinical trial (therapeutic confirmation clinical trial) after marketing. .The MFDS also determined that Leclaza is a target anticancer drug that inhibits the proliferation and growth of lung cancer cells by interfering with the signal transmission involved in lung cancer cell growth, and has the advantage of being less toxic to normal cells .The HIRA initiated a reimbursement review following the approval of the safety and effectiveness of the MFDS .On February 24, the agenda was presented and passed by the Cancer Drugs Benefit Appraisal Committee and the Pharmaceutical Benefits Advisory Committee on April 8 .
- Company
- Yuhan distributed gold rings to all employees
- by Kim, Jin-Gu Apr 12, 2021 05:55am
- A gold ring recently issued by Yuhan to all employees. LECLAZA is engraved on the outside of the ringYuhan recently handed out gold rings to former employees, showing Leclaza (Lazertinib)'s commitment to success. According to the industry on the 11th, Yuhan provided a gold ring with LECLAZA to all employees at the end of last February. It was only a month after receiving Conditional Marketing Authorization (CMA) as the 31st Korean drug on January 18th. Yuhan's officials congratulated Leclaza for permission and wished for success in the future. An official from Yuhan said, "A ring was distributed in commemoration of the achievement of the long-aspired work." He wished the success of Leclaza and gave the entire temple a gold ring. Immediately after CMA earlier this year, a gold ring engraved with LECLAZA was delivered. Formation of a marketing team of around 10 people, preparing for full-scale market entry in June Yuhan recently handed out gold rings to former employees, showing Leclaza (Lazertinib)'s commitment to success. According to the industry on the 11th, Yuhan provided a gold ring with LECLAZA in English to all employees at the end of last February. It was only a month after receiving Conditional Marketing Authorization (CMA) as the 31st Korean drug on January 18th. Yuhan officials congratulated Leclaza for permission and wished for success in the future. An official from Yuhan said, "A ring was distributed in commemoration of the achievement of the long-aspired work. I know that the rings have been distributed to all employees as a means of encouraging the R&D department that has struggled with Leclaza permits, and at the same time supporting other departments that will lead Leclaza to success in the future." Another Yuhan official said, "Even though employees who have worked for 10 years or 20 years have received gold as a concept of long-term service, this is first time that all employees have given gold rings." Immediately after CMA earlier this year, a gold ring engraved with LECLAZA was delivered. In addition to this, it is reported that the company is preparing for marketing in earnest by forming a dedicated Leclaza team. Yuhan has formed a marketing team of about 10 people before and after the Leclaza license. It is known that they are already conducting marketing to key doctors in general hospitals and hematologic oncology specialists. The procedure for listing benefits is also going smoothly. As soon as possible, it is expected to enter the market in earnest after being listed on the benefit list in June. Leclaza was evaluated as appropriate as a benefit by the HIRA's Cancer Drugs Benefit Appraisal Committee on February 24, more than a month after CMA. The committee is the first step to benefit. On the 8th, the Pharmaceutical Benefits Advisory Committee recognized the appropriateness of the benefit, and even passed the second step. The only remaining step is actually negotiating drug prices with the NHIS. Yuhan plans to negotiate drug prices with the NHIS within the next 60 days. After that, it is finally listed through the resolution of the Health Insurance Policy Committee of the MOHW. Assuming that the drug price negotiations were successful, Leclaza took only 5 months from application to registration for the MFDS. Other anticancer drugs took an average of 34 months from approval. Leclaza was first approved as a second-line therapy for lung cancer in patients with EGFR T790M mutation-positive locally advanced or metastatic non-small cell lung cancer who had previously been treated with EGFR-TKI. Based on the results of a phase 2 clinical trial (therapeutic exploratory clinical trial) conducted in Korea, it was approved under the condition that a phase 3 clinical trial should be conducted after marketing. Currently, in Korea, the first-generation drug AstraZeneca's Iressa (Gefitinib), Roche's Tarceva (Erlotinib), and the second-generation drug Giotrif (Afatinib )and Vizimpro (Dacomitinib), and EGFR TKI such asTagrisso (Osimertinib) of AstraZeneca, a third-generation drug such as Leclaza, are being prescribed.
- Policy
- 1st Gen. Economic Evaluation Expert Retires from Teaching
- by Lee, Hye-Kyung Apr 12, 2021 05:55am
- Chung-Ang University College of Pharmacy professor Dong-Churl Suh (65), an economics and policy expert in the domestic and foreign pharmaceutical industry, will be retiring in August this year. After graduating from Chung-Ang University College of Pharmacy in 1979, Suh went to the U.S. and obtained a Master of Business Administration from the State University of New York at Buffalo and a Ph.D. in Health Economics from the University of Minnesota. Since 1994, he had lectured and researched the field of pharmaceutical economy and policy serving as a professor and director of the Rutgers University Ernest Mario School of Pharmacy. Prior to teaching at the Rutgers University, Suh was involved in the innovative healthcare policy design team proposed by former U.S. President Bill Clinton during his election process to propose various research and policies related to drug pricing. Later, as a tenured professor at Rutgers University, Suh taught and researched in the fields of pharmaceutical economics, policy, and clinical trial design while serving as director of the Center for International Pharmaceutical Economics and Policy. Suh also participated as an advisor for the New Jersey government for making health care policy decisions. Suh said, "New Jersey, the state where Rutgers University is located, operates many US government and healthcare-related projects, and is a mecca well known by the global pharmaceutical industry. As research director, I worked with various major pharmaceutical companies that had headquarters near the university such as Johnson & Johnson, MSD, Sanofi, Novartis, BMS, and Pfizer. While studying at the University of York and the University of Sheffield in the UK for two years, I participated in the decision-making process of the National Institute for Health and Care Excellence (NICE) while conducting joint research on economic evaluation." These various activities had become the ground for his fame in the US as an economic evaluation and policy expert in the field of pharmaceuticals. Suh was also the one to suggest that Korea needs a new drug pricing system including the introduction of the economic evaluation system. In the early 1990s, during the days of the Federation of Korean Medical Insurance Societies before the Health Insurance Review and Assessment Service, Suh introduced the economic evaluation to address the need for an objective indicator of a drug's price. After becoming a tenured professor at Rutgers University, a position that is extremely difficult even for U.S. citizens to achieve, why did Suh return to teach at a college of pharmacy in Korea, where professors are required to retire at the age of 65? The biggest reason for Suh's return to Korea after 25 years was his parents. When his mother passed away from cancer, Suh chose to return to Korea to take care of his lone father. “When returning to Korea, I received numerous offers from various top universities in Korea. However, I chose my alma mater, Chung-Ang University. While serving as the Dean, I carried out various measures to prepare the college for the 6-year Pharmacy Program and for the establishment of a specialized graduate school for pharmacy. In addition, I invited international economic evaluation and regulatory science experts from the US FDA, Europe EMA, as well as those in the field of Biologics for multiple international conferences and training courses.” During his tenure at Rutgers University, he, along with the dean, created a 6-year curriculum for the College of Pharmacy. Among the roughly 130 pharmacy colleges in the U.S., only about 10 including Rutgers University implement the 6-year program that is being currently being pursued in Korea. “While serving as a professor at the College of Pharmacy of Chung-Ang University, I was able to inform people about the current domestic and foreign medical insurance and drug pricing system, the reality of the international pharmaceutical industry, and the U.S. drug price system. At the college system level, my experience in running a 6-year pharmacy program at Rutgers was immensely helpful as Korea's pharmacy education tends to follow the education method used in the U.S.." Suh explained. While industry-related knowledge and skills are essential for entering the pharmaceutical industry or practicing pharmacy after graduation, Suh believes that the 6-year program should focus on strengthening the student's communication and writing skills as those are the most necessary skills for continued self-development. He believes that he did his role in the development of the pharmaceutical industry and pharmacy education at Chung-Ang University during the last 9 years. Recently, he was elected by members to serve as a director of the International Society for Pharmacoeconomics and Outcomes Research (ISPOR) for 3 years, an organization that has 20,000 pharmaceutical economy expert members around the world. Along with foreign economic policy experts, as a director, Suh said he hopes to be able to contribute to the development of Korea’s economic evaluation system and system development to improve patient access to new drugs. On his plans after retirement in August, Suh said, "Even after retirement, I plan to find a place where I can continue my contributions to the field of pharmaceutical economy and policy using my various research and policy proposal experiences."
- Company
- Price hike of ‘Rotarix’ after ‘RotaTeq’ adds burden
- by Apr 12, 2021 05:54am
- The price of rotavirus vaccines for newborns is expected to increase altogether, with GSK also deciding to increase its supply price of ‘Rotarix’ after MSD’s price hike on ‘RotaTeq.’ Kwang Dong Pharmaceutical, the company in charge of the domestic supply of GSK’s Rotarix, recently sent a notice to clinics and hospitals on the decision to increase Rotarix’s supply price. The price will increase approximately 12% from the current late-70,000 won range to reach the mid-80,000 won range per dose (VAT included). The change in Rotarix’s supply price will be applied from May 1st. Prior to GSK, MSD had also raised the price of its rotavirus vaccine RotaTeq by 17%. With the price hike, RotaTeq is being supplied at a 50,000 won range starting this month. With both rotavirus vaccines increasing their supply price simultaneously, the price paid by consumers for each vaccination is also expected to increase. The current vaccination price at first-line hospitals is around 70,000-100,000 won for RotaTeq and 100,000-130,000 won for Rotarix. As Rotateq is administered 3 times and Rotarix 2 times, the total cost of vaccination would range around 210,000-300,000 won for RotaTeq and 200,000-260,000 won for Rotarix. GSK had already increased the price of Rotarix by 20% in 2019. The company explained that the price increase was inevitable due to the increased production cost. MSD also cited the rising input cost as the reason for its price hike. However, such an increase in the price of non-reimbursed drugs is expected to increase the financial burden borne by parents, as the rotavirus vaccine is regarded as an essential vaccine for infants aged 2 months. Rotavirus, a major cause of acute gastroenteritis in infants and toddlers, is a common virus that 95% of children around the globe are infected with before the age of 5. Symptoms include vomiting, fever, diarrhea, stomachache, etc. It is very contagious, therefore the World Health Organization recommends rotavirus vaccines to be included in all national immunization programs (NIPs). However, as rotavirus vaccines are not included in Korea’s NIP, they are administered as non-reimbursement in Korea.
- Company
- Local companies in panic over ‘Eliquis’ patent suit result
- by Kim, Jin-Gu Apr 09, 2021 05:56am
- The winner and loser of the long patent suit were reversed in the end. After losing the first and second trial, BMS finally got the upper hand in the fight with the generic manufacturers with a favorable ruling by the supreme court. On the other side, the generic companies are in hot water due to the unexpected result. In addition to immediately discontinuing the sale of its generics, the companies are expecting a massive damages claim will be filed by the original drug’s company. The ruling will also affect the price cut that was previously ordered for Eliquis. If the ruling is finalized, the price cut disposition will be pushed back to the patent expiry date. ◆Case remanded to Patent Court… Attention on whether the final ruling sides with the Supreme Court's decision On the 8th, the Supreme Court’s Special 3rd Division reversed and remanded the original ruling of the patent invalidation suit in the appeal filed by BMS against Navipharm, Huons, Intron Biotechnology, and Alvogen Korea. The lawsuit is linked to multiple other suits filed by BMS including the patent infringement suit as well as the administrative suit filed in objection to the disposition to reduce the ceiling price of Eliquis. Considering the gravity of the issue, the Supreme Court rendered an en banc decision. The Supreme Court’s ruling is not final. As the Supreme Court reversed the original judgment, the case will once again be tried by the Patent Court. However, as most trials for remanded cases follow the higher court’s decision, which would be the Supreme Court’s decision in this case, expectations are leaning towards BMS’s victory. ◆Patent infringement suit to pace up… generic sales highly likely to be discontinued With the victory, BMS expects to be able to achieve three goals. First is the discontinued sale of generics. The prescription of Eliquis has been dwindling with the release of its generics. According to U-BIST, outpatient prescription sales of Eliquis had increased annually from 19.5 billion won in 2016 to 49 billion won in 2019. However, its sales dropped 3% to 47.7 billion won last year. On the other hand, prescription sales of generics of Eliquis have been rapidly increasing, from 1.2 billion won accrued from July to December in 2019 to the 8.3 billion won last year. The numbers suggest that the release of generics had some effect in reducing Eliquis prescriptions. BMS also plans to speed up the patent infringement suits filed against each generic company. Around 10 relevant suits are currently in progress. The cases were waiting for the Supreme Court's judgment on this case to determine whether the generic drugs infringed upon BMS Korea's patent right. If BMs wins the patent infringement suit, BMS will also be able to enjoy reflective benefits from the discontinuation of its generics. ◆ Full-fledged claim for damages deemed inevitable.…calculation of the compensation amount is key BMS's second purpose is to file claims for damages against the generic companies. The Supreme Court's ruling recognized the validity of the drug substance patent. If the court recognizes the patent infringement of the generic companies in subsequent infringement lawsuits, BMS will meet all the requirements to claim compensation for damages. Eliquis generics that were released since June 2019 include ▲Chong Kun Dang’s ‘Liquisia’ ▲Samjin Pharm’s ‘Elxaban’ ▲Yuhan Corp’s ‘Yuhan Apixaban’ ▲Hanmi Pharm’s ‘Apixban’ ▲Aju Pharm’s ‘Eliban’, and ▲Yooyoung Pharm’s ‘Yupix.’ Last year, prescription sales of Liquisia were 2.6 billion won, and 1.1 billion won for Yuhan Apixaban. The key lies in the reinforced standards used for the calculation of compensation for damages since last December. Last year, the National Assembly passed an amendment to the Patent Act that would strengthen the standards used to calculate damages caused by patent infringement. Previously, the compensation was calculated by multiplying the 'range of production capacity' by the 'profit per unit.' However, the newly amended act that took effect in December last year adds an amount calculated by multiplying the 'amount exceeding range of the production capacity' by the 'reasonable royalty.' For instance, under the previous law, if the patent holder's production capacity was 100 but the infringer sold 1000, the patent holder was unable to receive compensation for the 900 that exceeds the patent holder's production capacity. However, the amended act allows for the company to receive compensation for the exceeding 900 products as well. At first sight, the prescription amount of the original Eliquis overwhelms the amount of generics prescribed. However, experts believe the result may differ depending on how 'production capacity' is interpreted. Nevertheless, faced with potential claims for damages by BMS, generic companies are now moving to voluntarily discontinue sales of their generic products. An unnamed official of one company that sells a generic of Eliquis stated, "After the ruling, we are considering whether we should voluntarily stop selling our product." ◆Price cut disposition for Eliquis may be suspended until September 2024 The third is to nullify the drug price cut disposition. In July 2019, the government had notified BMS that it would lower the price ceiling of Eliquis by 30% with the reason being the release of its generics. However, BMS had filed a suit with the Administrative Court to suspend the price cut as the final ruling has not been made on its substance patent suit. BMS's request was to suspend the execution of the price cut disposition until the Supreme Court's ruling. The court accepted the company's request, therefore Eliquis is currently being sold at the same price, at 1,185 won per tablet. With the Supreme Court's ruling adding support, the government's justification to execute price cuts based on the introduction of generics will not be able to stand. The substance patent of Eliquis will expire on September 9th, 2024. If the Patent Court ruling is in line with the Supreme Court ruling, the launch of Elquis's generics will be postponed to September 2024. Also, in that case, it is highly likely that the price of Eliquis will be lowered in October 2024.
- Policy
- Approval of Moderna's COVID-19 vaccine is imminent
- by Lee, Tak-Sun Apr 09, 2021 05:55am
- Moderna is applying for approval of COVID-19 vaccine from the MFDS sooner or later. It is reported that GC Pharma, in charge of the license and distribution of the vaccine, will have the necessary data for the license and will submit an application for approval next week as soon as possible. On the 8th, a government official said, "GC Pharma has the permit data and is almost ready to apply." "As soon as possible, applications for permits will be filed next week." Moderna's COVID-19 vaccine signed a contract with the government and Moderna in January and decided to introduce 20 million people in the first half. At the end of February, GC Pharma was selected as a license and distribution company through bidding. It is known that GC Pharma has been preparing for a permit application in consultation with Moderna. The introduction of a new vaccine is urgently needed as the supply and demand of COVID-19 vaccine is becoming difficult worldwide. The government aims to inoculate 10 million Koreans in the first half. However, the supply and demand situation of officially licensed vaccines is not good. AstraZeneca vaccine is produced by SK Bioscience in Korea, but the supply of 3.5 million individual contracts will begin at the end of May. Accordingly, the government is in a position that it may review measures to restrict exports depending on the situation. Moreover, AstraZeneca vaccine has recently been controversial over the restriction of use due to the side effects of blood clots. The second approved Pfizer vaccine will come in 3 million people in the second quarter. However, this is only a fraction of the total contract volume of 13 million people. Janssen vaccine, which was licensed on the 7th, signed a purchase contract with the government for 6 million people, but the specific supply timing is unknown. In order for the vaccine to be supplied smoothly, the approval must be carried out quickly. In the case of Moderna vaccines, it will not be too late to proceed with a permit review in order to be able to import in the second quarter. However, in the case of Moderna vaccine, it is expected to proceed immediately without prior review because it has received urgent approval and verification in the US and EU, and clinical data has been accumulated. Then, it is analyzed that approval is possible even in May after a review period of about 40 days. If it is imported immediately upon approval, it will be helpful for vaccination. Moderna vaccine, like Pfizer's vaccine, is an mRNA-based vaccine, and it was found to be 95% effective when vaccinated twice in a phase 3 clinical trial. If supply is available without disruption, it will be of great help to the government's goal of forming group immunity by November.
- Company
- Tagrisso’s 1st-line reimbursement rejected once again
- by Eo, Yun-Ho Apr 09, 2021 05:55am
- With ‘Tagrisso’ once again failing to expand its reimbursement, it seems that it may take a while for 3rd generation EGFR TKIs to be prescribed as 1st-line in Korea. According to industry sources, the Cancer Disease Review Committee of the Health Insurance Review and Assessment Service (HIRA) decided it was inappropriate to expand the reimbursement of Tagrisso to first-line in non-small cell lung cancer (NSCLC). After receiving approval to extend its indication to first-line treatment in December 2018, AstraZeneca first applied for the expanded reimbursement in 2019. However, the Cancer Disease Review Committee in October that year decided to defer the decision until full data from the Phase 3 FLAURA trial, which studied the overall survival (OS) of NSCLC patients treated first-line, is disclosed. AstraZeneca then submitted the full FLAURA data and expressed the will to accept most of the budget sharing plan proposed by the government. However, faced with strong opposition from committee members (specialists), the company failed to expand Tagrisso's reimbursement to first-line last May. AstraZeneca had attempted to reverse the decision once more by submitting OS data from FLAURA China that confirmed Tagrisso’s OS benefit in Asian patients, but the committee’s response was, once again, a ‘No.’ In the FLAURA China trial that studied a cohort of Chinese patients, 71 patients were randomly assigned to the Tagrisso-treated group, and 65 patients in the control group. Patients in the control group were allowed to cross over to 2nd-line Tagrisso when their disease progressed with T790M mutation. Among the 65 patients, 22 continued their treatment with Tagrisso. In the trial, the median OS of the Tagrisso-treated group was 33.1 months, which was 7.4 months longer than the 25.7 months of the control group. Also, Tagrisso reduced the risk of death by 15.2%.
- Company
- Qsimia's sales exceeded ₩200 billion
- by An, Kyung-Jin Apr 09, 2021 05:55am
- Alvogen Korea surpassed ₩200 billion in annual sales for the first time since its launch in Korea. Qsymia, an obesity treatment drug released at the beginning of last year, and the obesity treatment Qsymia, which was released earlier last year, produced the largest sales. According to the Financial Supervisory Service on the 7th, Alvogen Korea's sales last year reached ₩211.1 billion, up 11.3% from the previous year. For the first time since the establishment of the branch, annual sales exceeded the ₩200 billion. Operating profit was ₩17.3 billion, up 19.3% from the previous year. Sales and operating profit of Aalvogen Korea by year (Unit: ₩100 million, Source: the FSS) The predecessor of Alvogen Korea is KEUNWHA, founded in 1958. Alvogen Group, a foreign company, entered the domestic market with the acquisition of KEUNWHA in 2012. Alvogen acquired Dream Pharma, which was owned by Hanwha Group with funds raised through KEUNWHA in 2014, and changed its name to Alvogen Korea by merging the two companies the following year. The product with the highest performance ever is Qsymia. Alvogen Korea was launched from Vivus in the US in 2017. After securing the domestic copyright of Qsymia, a combination of Phentermine and Topiramate, it launched in partnership with Chong Kun Dang at the beginning of last year. After its release, Immediately after its release, Qsymia shook the domestic obesity treatment market with Saxenda by NovoNordisk. In the first quarter of last year, it ranked second in domestic obesity treatment sales with sales of ₩4.3 billion, and sales increased to ₩5.8 billion in the second quarter and ₩6.5 billion in the third quarter. Last year's cumulative sales of Qsymia reached ₩22.5 billion, and the market share reached 15.7%. Alvogen Korea’s sales declined slightly for the first time in 2019. However, both sales and operating profit have rebounded after a year due to the success of the new product. Alvogen Korea posted a net profit of ₩6.9 billion last year. This is a 49.3% increase from the previous year. The company is paying a cash dividend of ₩8.5 billion in 7 years since 2014. The largest shareholder of Alvogen Korea is Alvogen Korea Holdings Co., Ltd. (100% stake).
- Company
- Betadine, disposes of 3 months of advertising suspension
- by Nho, Byung Chul Apr 08, 2021 05:55am
- Mundipharma's Betadine Throat Spray (Povidone Iodine) was suspended from advertising by the MFDS. Mundipharma recently sent a notice regarding administrative disposition to pharmacies that handle the product, and requested cooperation in the removal of Betadine advertising installations in pharmacies. The advertisement business suspension period is from the 29th of this month to the 28th of June. Betadine's suspension of advertising business is a result of the recognition of inappropriate advertisements due to the lack of ad review in the press release posted on the Betadine Throat Spray product website in December of last year. Mundipharma's Betadine was controversial about false hype around October last year. Sales representatives of Kwang Dong, who are in charge of sales, provided small billboards (POPs) with contents such as 'Povidone = 99.9% death of COVID-19' to pharmacies at the end of 2019, and the MFDS launched an investigation of false hype. According to pharmaies, the POP at the time contained contents such that Povidone kills 99.9% of COVID-19, inactivating within 30 seconds, Povidone was recommended as an interim guideline for the World Health Organization, and the content that gargle solution mixed with Povidone is effective in suppressing COVID-19 was included. Povidone's recently announced anti-COVID-19 inhibitory effect is a cell experiment conducted in a laboratory. According to Article 68(5) of The Pharmaceutical Affairs Law, advertisements on the name, manufacturing method, efficacy or performance of pharmaceuticals, etc. are not allowed unless permission has been obtained or a report has been filed. Povidone Throat Spray obtained only indications for sore throat. However, no punitive administrative measures were taken by the health authorities, and it was replaced by retraining sales staff, collecting and disposing of POP promotional materials, promising to prevent recurrence, and posting an apology. Mundipharma said, "Sales of Betadine are the same as before. However, it is impossible to display advertisements and promotional materials in the pharmacy for the product for the next three months. We will sincerely answer inquiries through the sales representative in charge."
