Articles by Shim Woo-hyun
Shim Woo-hyun
ws@heraldcorp.com-
Food delivery platforms compete with free delivery
The competition among Korea’s three largest food delivery platform operators is intensifying as each of them has recently launched free delivery services to increase their share of the market. On Friday, Yogiyo, the third-largest food delivery app provider, announced that the company would begin free delivery for users with Yogiyo membership. Yogiyo’s decision came after the other two companies, Baedal Minjok (Baemin) and Coupang Eats, rolled out membership-based free delivery servic
Industry April 5, 2024
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Samsung Bioepis begins phase 3 clinical study for its Keytruda biosimilar
Samsung Bioepis, Samsung Group’s biosimilar arm, announced Friday that the company had started a phase 3 clinical study for SB27, a Keytruda biosimilar. Keytruda is an immuno-oncology drug developed by MSD, a US multinational pharmaceutical company. Indications for the drug include non-small cell lung cancer (NSCLC), melanoma and neck cancer. According to MSD's earnings release, global sales of Keytruda in 2022 were estimated at $20.9 billion. Samsung Bioepis will recruit 616 patients
Industry April 5, 2024
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SPC chairman arrested over anti-labor allegations
Hur Young-in, the chairman of South Korean bakery giant SPC Group, was arrested on Friday for allegedly forcing workers to quit their labor union. The Seoul Central District Court on Friday issued an arrest warrant for the 74-year-old chairman on suspicion of violating the Trade Union Act, citing concerns that Hur may try to destroy evidence. With the warrant, prosecutors will take the chairman into custody and investigate if Hur was involved in anti-labor practices for a maximum of 20 days. Hur
Industry April 5, 2024
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Koglo.com CEO talks on entrepreneurship in uncertain times
Business leaders in the era of growing economic uncertainty and rapid technological change must look for new opportunities and prospects for innovation, according to Lee Keum-ryong, chairman of Koglo.com, an online platform connecting US companies with their Korean partners. “If you notice a change early enough, it can become an opportunity for your business. But if you see the change late, it may jeopardize your business as well,” Lee said at the fifth edition of The Korea Herald&rs
Industry April 4, 2024
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S. Korea's beauty exports hit all-time high of $2.3b in Q1
South Korea’s exports of cosmetics jumped around 22 percent on-year to hit an all-time high in the first quarter of this year, amid the growing international popularity of Korean culture, government data showed Tuesday. According to the Korea Customs Service, the country’s exports of cosmetic products came to $2.3 billion in the January-March period, up 21.7 percent on-year from the same three-month period last year. The export figure is the highest ever for the first quarter. South
Industry April 3, 2024
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Pharmaceutical rivals partner for Fexuclue's sales
Daewoong Pharmaceutical has partnered with Chong Kun Dang for local sales of the gastroesophageal reflux disease (GERD) treatment Fexuclue, the country’s 34th new drug, the company said Monday. Fexuclue is a potassium-competitive acid blocker (P-CAB)-based GERD treatment that is designed to improve the shortcomings of proton pump inhibitor (PPI) drugs, such as slow onset of action and dietary effects. P-CABs have the longest half-life of up to nine hours among GERD medicines and have a lon
Industry April 1, 2024
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Samsung Bioepis launches half-priced Soliris biosimilar
Samsung Bioepis, a biosimilar developer under Samsung Group, announced Monday that the company decided to launch its Soliris biosimilar Epysqli in Korea at a price nearly 50 percent cheaper than the original drug. Epysqli is a biosimilar referencing Soliris, a high-cost drug for the treatment of rare hematological disorders, developed by Alexion Pharmaceuticals. As of 2022, the drug generated global sales of approximately 5 trillion won ($3.7 billion). The global rights to Soliris are currently
Industry April 1, 2024
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Hanmi heirs may seek to repair with family first
The management conflict within the founding family of Hanmi Pharmaceutical Group ended, as the sons of founder Lim Sung-ki -- Lim Jong-yoon and Lim Jong-hoon -- secured a majority within Hanmi Science’s board at the general meeting of shareholders last week. However, there are still multiple hurdles for the Lim brothers to get the country’s leading pharmaceuticals company back on track. According to industry sources Sunday, the Lim brothers are likely to attempt to repair the relatio
Industry March 31, 2024
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Hanmi-OCI merger called off
The expected merger between OCI Group and Hanmi Group has been called off after a general meeting of shareholders at Hanmi Science, the holding company of Korea's leading drug firm Hanmi Pharmaceutical, on Thursday. The management conflict within the founding family has also temporarily ended as Lim Jong-yoon and Lim Jong-hoon, the first and second sons of founder Lim Sung-ki, secured enough seats on Hanmi Science’s board to stop the merger. "(OCI) humbly accepts shareholders
Industry March 28, 2024
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Korea’s CMO ramp-up lures biotech investors
South Korea’s growing biopharmaceutical production capacity is increasingly making the country an attractive investment destination for global life science companies, industry sources said Thursday. Since 2016, global pharmaceutical and biotech firms started building their research and development centers and production facilities in Korea, especially within the Songdo Bio Cluster in Incheon, where the biopharmaceutical production capacity has reached 1.2 million liters, the world’s
Industry March 28, 2024
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Bang Kyung-man named as KT&G's new CEO
KT&G's Senior Executive Vice President Bang Kyung-man has cleared the final hurdle to become the company's CEO by winning shareholders approval Thursday, marking the cigarette maker's first leadership change in nine years. The decision was made at the company’s 37th annual general meeting of shareholders, held at KT&G Human Resources Development Center in Daejeon. “I am deeply grateful to the shareholders for entrusting me with the honorable opportunity to serv
Industry March 28, 2024
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Chang In-wha takes helm at Posco
Chang In-hwa, a company veteran, officially took office as chairman of South Korean steel giant Posco Group, the nation’s fifth-largest conglomerate, on Thursday after winning unanimous approval from shareholders. It marked the group’s first change in leadership in almost six years, following the conclusion of the second term of Choi Jeong-woo. No objection was made against the appointment during the general meeting of shareholders held in Seoul earlier in the day. Right after the ge
Industry March 21, 2024
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Merck to invest 300m euros in new bioprocessing center in Korea
German pharmaceutical group Merck Life Science said Thursday the company will invest around 300 million euros ($326 million) to build a new bioprocessing complex in South Korea, its largest investment yet in the Asia-Pacific region. The new investment comes as the company renews its commitment to expanding its production capacities for biotech products in the fast-growing market. It also aims to boost the overall biotech industry in the region, saying the new facility alone will create some 300
Industry March 21, 2024
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Drugmakers feeling pinch from doctors’ walkout
The ongoing tug-of-war between the South Korean government and medical professionals over the proposed increase in the number of medical students could have negative impacts on local drug companies’ revenues as well, industry sources said Tuesday. According to officials from local pharmaceutical companies, the ongoing walkout of local doctors is causing a short-term decrease in the overall use of drugs and medical supplies at local hospitals where surgeries are being postponed and appointm
Industry March 19, 2024
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[Herald Interview] ‘Meaty rice will become reality sooner than you think’
A Korean research team has recently unveiled a bowl of pink rice, a new lab-made hybrid rice, which they say could offer a cheaper and more sustainable source of protein not just for those on a vegan diet, but also for countries still reeling from food crises. “The lab-made beef rice could hit supermarket shelves sooner than you think if regulatory issues are cleared,” Hong Jin-kee, a chemical and biomolecular engineering professor at Yonsei University and the leader of the research
Industry March 18, 2024
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