Korea aspiring to transforming itself into one of the top seven pharmaceutical powerhouses
Korea has designated the pharmaceutical industry as one of the future growth engines.
In order to foster the industry, the Korean government has been placing emphasis on enhancing growth potential through far-reaching policy measures, ranging from technology innovation to promoting market transparency, boosting global competitiveness of companies, and establishing infrastructure for sustainable development.
Moreover, with knowledge and capacity mustered, the government, industry, medical society, and academic community are devoting themselves to make a leap forward into global markets.
Under the circumstance where the Korean population has been aging rapidly, the Korean government has keen interest in the pharmaceutical industry, which serves as a foundation for the quality of life of the public.
The government introduced “Accreditation of Innovative Pharmaceutical Company” in 2012, and will reinforce its efforts to support the industry every year with a view to reinventing the nation into one of the top seven pharmaceutical titans.
What Company Can Be an Innovative Pharmaceutical Company?
Special Act on Pharmaceutical Industry Promotion and Support (enacted in March 2011) serves as the legal foundation to designate innovative pharmaceutical companies verified to possess high R&D capacity for new drug development and to be globally competitive. Those companies are expected to play a leading role in developing the domestic pharmaceutical industry into a future growth engine.
Accreditation Process
The Accreditation Screening Committee conducted written and verbal evaluations on candidate pharmaceutical firms which met the requirements (Article 2 of the Enforcement Decree of the Special Act: investment volume over a certain level).
In the evaluations, the committee assessed candidate companies based on specific requirements, such as R&D performance in the past, company’s capacity, vision and investment plan, ethical business practice, etc.
The results of the evaluations delivered by the screening committee were finalized after the review carried out by the Committee for Pharmaceutical Industry Promotion and Support, which is chaired by the Minister of Health and Welfare.
Composition of Designated Innovative Pharmaceutical Companies
- 36 general pharma firms: 26 leading firms that have marked high scores in terms of R&D investment as well as researchers, manufacturing facilities, patent and license-out, and overseas market advancing plus ten SMEs that have built on expertise in specialized areas such as development of incrementally modified drugs
- Six bio venture companies: firms with relatively low sales but highly competitive technology and creative business models
- One local corporation of a multinational pharma firm: one local company of an MNC considered outstanding in terms of R&D investment (in early clinical trials), local production performance, overseas market advancing, etc.
Excellence of Accredited Companies
As of 2012, 43 firms selected as innovative pharmaceutical companies have 671 pipelines of new drugs, expected to develop 30 new drugs by 2020. The volume of R&D investment made by those companies amounts to KRW 1.3 trillion as of 2012 and it is projected to increase at a CAGR of 13.2% to approximately KRW 3.9 trillion by 2020.
List of Companies Certified as Innovative Pharmaceutical Companies [43]
-General pharma firms (36)
Ahngook pharm.co.Ltd, Boryung Pharmaceutical co., Ltd., Bukwang Pharmaceutical Co., Ltd., Celltrion, Inc., Chong Kun Dang Pharmaceutical Corp., CJ CheilJedang Corp., Dae Hwa Pharmaceutical Co. Ltd., Daewon Pharmaceutical Co., Ltd., Daewoong Pharmaceutical Co., Ltd., DONG HWA PHARM, Dong-A Pharmaceutical, Dongkook Pharmaceutical, Green Cross Corp., HanAll BioPharma Co. Ltd., HANDOK Pharmaceuticals Co., LTD, HANLIM PHARM. CO., LTD., Hanmi Pharmaceutical. Co., Ltd., Hyundai Pharmaceutical Co., Ltd., ILDONG PHARMACEUTICAL CO.,LTD., IL-YANG PHARMACEUTICAL CO., LTD., ISU ABXIS, JW Pharmaceutical Corp., Kolma Korea Co., Ltd., Korea United Pharm. Inc., Kuhnil Pharmaceutical Co.,Ltd, Kwang Dong Pharmaceutical Co., Ltd., LG Life Sciences, Ltd., Samjin Pharmaceutical Co., Ltd., Samyang Biopharmaceuticals Corporation., Samyang Genexbio Corporation, SHIN POONG PHARM. CO., LTD, SK Biopharmaceuticals Co., Ltd., SK Chemicals Co. Ltd., ST Pharm Co., Ltd., TAEJOON PHARM. CO., LTD., Yuhan Corporation
-Bio venture companies (6)
Medytox, BCWORLD PHARM. CO., LTD., Binex Co., Ltd., BIONEER CORPORATION, CrystalGenomics, Inc., VM BioPharma
-Local corporation of a multinational pharma firm (1)
Korea Otsuka Pharmaceutical Co.,Ltd.
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