SK Bioscience announced on Tuesday that its COVID-19 vaccine SKYCovione received approval from the UK Medicines and Healthcare products Regulatory Agency. SKYCovione has been approved for first and second primary series doses for adults aged 18 and over in England, Scotland and Wales, SK Bioscience added. SKYCovione is a recombinant antigen-based COVID-19 vaccine, jointly developed with the Institute for Protein Design at the University of Washington. The vaccine also contains GlaxoSmithKline&rs

Technology May 30, 2023

Finding a pediatric clinic in South Korea has become increasingly difficult due to a continuing shortage of pediatricians, leading to longer wait times for patients to get treated. “It is very common to wait for dozens of people who made reservations before you,” Yoo, a mother of a 4-year-old boy, told The Korea Herald. Yoo, 35, who is living in Gyeonggi Province, said her child had a fever last week and had to take him to a local hospital. When she made a reservation at around 3 p.m

Industry May 28, 2023

Daewoo Engineering & Construction announced Friday that Jungheung Group Vice Chairman Jung Won-ju will become chairperson of the company, starting June 1. Jungheung Group is the largest shareholder of Daewoo E&C with a controlling 50.75 percent stake after completing the acquisition process last year. Daewoo E&C said the latest change in its leadership has been made to boost its business in overseas markets. “The latest appointment as the company’s chairman will be a grea

Industry May 27, 2023

Celltrion said Friday that the company has submitted a marketing authorization application for CT-P43, the company's ustekinumab biosimilar referencing Stelara, to the European Medicines Agency. Stelara is one of Janssen's top-selling drugs. In 2022, Stelara generated $9.7 billion in revenue, according to a report released by Statista. The global market for ustekinumab last year was estimated at $17.7 billion, Celltrion added. Celltrion said its CT-P43, like the reference drug Stelara,

Technology May 26, 2023

South Korean steel giant Posco said Thursday that the company completed a new high-strength steel plant in China in a preemptive measure to respond to soaring demand from the burgeoning Chinese electric vehicle market. The new facility, located at Posco-CSPC (China Suzhou Processing Center), is a plant specialized in producing “Giga Steel,” the brand name for Posco’s advanced ultra-high tensile strength steel. The company said the advanced high-strength steel product can withst

Industry May 25, 2023

Celltrion's adalimumab biosimilar CT-P17 has been approved the US Food and Drug Administration, the company announced Wednesday. CT-P17, also known as Yuflyma, is the world’s first high-concentration, low-volume and citrate-free biosimilar of Humira, an injectable treatment for rheumatoid arthritis and other autoimmune conditions. Celltrion said CT-P17 had been approved as a treatment for multiple chronic inflammatory diseases, including rheumatoid arthritis, inflammatory bowel diseas

Technology May 25, 2023

Demand for cold medicines has increased recently, as the seasonal flu has continued longer than usual. With the spurt in cold and flu cases, sales of cold medicines have increased while some pharmacies face shortages, according to data from the government and local pharmaceutical companies on Tuesday. “Demand for over-the-counter cold medicines seems to be higher than usual, and some prescription medications for cold and flu are difficult to get,” a pharmacist operating a pharmacy in

Industry May 23, 2023

The nation’s largest discount store chain E-mart, owned by retail giant Shinsegae Group, suffered dismal sales in the first quarter this year, outpaced by its smaller rival Coupang for the first time, with a gloomy outlook for the rest of the year, according to local brokerage firms Monday. In the first three months of the year, E-mart posted 13.7 billion won ($10.3 million) in operating profits, a 60.2 percent fall from a year ago. Net profit also plunged more than 90 percent to 2.7 billi

Consumer May 22, 2023

Celltrion Healthcare, Celltrion’s overseas sales and marketing unit, announced Monday that the company has launched its Remsima SC in Brazil, the largest pharmaceutical market in South America. Remsima SC is Celltrion’s under-the-skin injection of infliximab biosimilar. In Brazil, the infliximab biosimilar received sales approval from the Brazilian Health Regulatory Agency in November. Celltrion Healthcare will be in charge of direct sales of the infliximab biosimilar in Brazil thr

Technology May 22, 2023

People in South Korea's top 1 percent net asset bracket had at least around 3 billion won ($2.26 million) in net assets in 2021, according to a local insurance firm’s report, Sunday. Net assets refer to the value of a person’s assets such as houses, cars, investments and cash, minus liabilities. According to Hanwha Life Insurance, individuals who had more than 2.9 billion won in net assets sat in the top 1 percent net asset bracket, while the threshold for the 0.1 percent bracke

Economy May 21, 2023

Purchasing a package holiday can be a convenient option for travelers but may not be the ideal choice for people who dislike ticking off a list of famous tourist spots and attractions. Founded as a startup in 2020, DayTrip is an app that aims to provide well-curated and eye-catching travel content not provided by more conventional travel companies and platforms. “We started (DayTrip) during the COVID-19 pandemic, (which) was a very difficult time for us to make a travel platform,” Da

Industry May 17, 2023

Prices of popular eating out options at restaurants continued to increase in April, adding more pressure to people’s consumption, a state-led agency’s data showed Wednesday. According to the Korea Consumer Agency data, the average price of a bowl of jajangmyeon, or noodles in black bean sauce, in Seoul increased by 12.5 percent on-year to 6,915 won ($5.20), up from 6,146 won a year ago. The average price of a bowl of samgyetang -- ginseng chicken soup that is popular during the summe

Consumer May 17, 2023

LG Chem CEO Shin Hak-cheol said Tuesday that the company will expand its sales of battery materials to 30 trillion won ($22.4 billion) by 2030, a sixfold increase from 4.7 trillion won in 2022. Shin added the company also aims to make its annual sales from three growth drivers -- battery materials, sustainability businesses and pharmaceuticals -- to reach 40 trillion won by 2030, which will make up 57 percent of the company’s total annual sales. LG Chem’s mid-term growth plan was unv

Technology May 16, 2023

South Korean e-commerce firm Coupang is catching up with Shinsegae, one of the country's largest and oldest retail players, by closing the sales gap to less than 10 billion won ($7.5 million) from 1 trillion won a year ago, according to their earnings reports Friday. The 13-year-old e-commerce operator's increasing number of paid subscribers is the main driver behind its improved performance, posing threats to conventional retail brands like Shinsegae. According to Coupang's lates

Consumer May 12, 2023

South Korea’s CJ Logistics said Thursday that the company will invest around 60 billion won ($45.4 million) to establish a global distribution center in Saudi Arabia, the Middle East's rising logistics powerhouse. The distribution center will be located in Riyadh’s Special Integrated Logistics Zone, a special economic zone, through which the Saudi Arabian government aims to boost the country’s supply chains. The facility will be built on 18,000 square meters of land within

Consumer May 11, 2023