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🇰🇷 South Korea /Health & Science

Pharmaceutical companies seek law firms ahead of generic drug price cuts

From Chosun Ilbo · () Korean

Translated from Korean and summarized by DistantNews. Read the original for the full story.

At a glance

News Sources not specified New plan
  • South Korean small and midsize drugmakers are seeking legal advice before planned generic drug price reductions.
  • Certification as an innovative or semi-innovative pharmaceutical company could delay prices falling by as much as 45% for several years.
  • Companies are accepting legal fees that can reach tens of millions of won because the applications and evaluation standards are complex.

South Korean pharmaceutical companies are turning to law firms as generic drug price cuts approach. Small and midsize manufacturers are seeking certification as “innovative” or “semi-innovative” pharmaceutical companies.

That certification could postpone the point at which drug prices fall by as much as 45% for several years. The application documents are complicated and the evaluation standards are strict, prompting companies to accept legal consulting fees that can reach tens of millions of won.

About this summary

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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