Articles by Shim Woo-hyun
Shim Woo-hyun
ws@heraldcorp.com-
Hyundai E&C to rebuild Ukraine's largest airport
Hyundai Engineering & Construction said Monday that the company would join a postwar reconstruction project in Ukraine, signing an agreement with Boryspil International Airport Corporation for the airport's future expansion project. Boryspil International Airport is the largest airport in Ukraine. Located about 29 kilometers southeast of Kyiv, the airport is responsible for 62 percent of the country’s passenger traffic and 85 percent of its airborne cargo shipping. Under the agree
Industry July 17, 2023
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Foreign workers make up 15% of Korea's construction labor force
Foreign laborers account for nearly 15 percent of construction workers here, according to a local report Sunday. According to the Construction Workers Mutual Aid Association, the number of foreign construction workers came to 109,865 as of March this year, accounting for 14.8 percent of the total 741,698 workers at construction sites. Of them, 99,836 were men, up 4,147 on-year, while the number of women increased slightly to 10,029. The increase was fastest among workers in their 20s, with a 22.
Industry July 16, 2023
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Daewoong’s Nabota secures over half million membership users in US
Daewoong Pharmaceutical said Thursday its US partner Evolus’ botulinum toxin treatment program using its Nabota, or Jeuveau, has secured over 600,000 subscribers in the US. Daewoong added that 96 percent of patients enrolled in the botulinum toxin program have returned for a second injection, promising Nabota's further growth in the US market. Evolus is a California-based performance beauty company that is responsible for sales of Daewoong Pharmaceutical’s Nabota in the US marke
Industry July 13, 2023
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[Herald Interview] Daewoong Pharmaceutical steps onto global stage
Korea’s leading pharmaceutical firm Daewoong Pharmaceutical aims to achieve a fivefold increase in overseas sales within the next five years through the introduction of new drugs, according to the company's global business head on Friday. “My personal goal is to see Daewoong’s overseas sales reach 1 trillion won ($772.6 million) within the next five years,” said Kim Do-young, head of Daewoong Pharmaceutical's Global Business Development Center, during an intervi
Industry July 12, 2023
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Samsung Biologics signs W511b deal with Novartis
Samsung Biologics said Monday the company has signed a 511 billion won ($390.9 million) deal with Novartis to manufacture products for the Switzerland-based pharmaceutical firm. The latest deal follows a letter of intent that Samsung Biologics and Novartis signed in June last year. The two companies had originally agreed on a deal worth 100 billion won, but decided to amp up the investment, Samsung Biologics said. Other details, including what kinds of products Samsung Biologics will produce at
Industry July 10, 2023
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GoldenBlue files complaint against Carlsberg over unilateral contract termination
GoldenBlue, a South Korean whiskey maker and distributor of imported liquor, said Friday it had filed a complaint against its former partner Carlsberg Group for unilaterally ending their distribution contract. In its complaint filed with the Korean Fair Trade Commission on Wednesday, GoldenBlue also argued that Carlsberg Group engaged in unfair trade practices during their contract period. In March, Carlsberg Group "unilaterally" terminated their contract for the distribution of Carlsb
Industry July 7, 2023
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Health effects of aspartame unsettle Korea's makgeolli market
Reports that aspartame, a widely used artificial sweetener, could be reclassified as a possible carcinogen by the World Health Organization have sparked alarm among Korea's makgeolli makers and consumers. Makgeolli, or Korean rice wine, is one of the most popular alcoholic drinks here. In 2021, the makgeolli market was estimated at around 510 billion won ($392 million), with its exports reaching $15.8 million, up 26.8 percent from a year ago, according to data from the Food Information Stat
Industry July 6, 2023
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Samsung Biologics hits winning streak with record-high Pfizer deals
Samsung Biologics, a South Korean contract development and manufacturing organization, announced Tuesday that the company has finalized two record deals worth $897 million with Pfizer. The deals completed Tuesday include a $193 million deal and a $704 million deal announced on June 8 in its regulatory filing. Including a $183 million deal signed in March, the combined value of Samsung Biologics-Pfizer deals this year amounts to a total of $1.08 billion. The combined value of total contracts Sams
Industry July 4, 2023
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Posco vows to invest W121tr for next big leap
Posco Group announced Monday that it will invest 121 trillion won ($93 billion) by 2030 to step up as a global leader in eco-friendly materials. The new investment plan was announced during a ceremony celebrating the 50th anniversary of Posco’s first steel mill set up in Pohang, North Gyeongsang Province, in 1973. “With the investment, (the group) will secure future technologies, stay ahead in the growing industries and work toward a sustainable future through green materials,”
Industry July 3, 2023
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S. Korea's air travel back to near pre-pandemic levels
The number of South Korean air passengers using domestic carriers increased in the first half to around 84 percent of pre-pandemic levels, government data showed Sunday. According to data released by the Ministry of Land, Infrastructure and Transport, 53.4 million air passengers used both domestic and international routes in the first six months 2023, around 84 percent of the 63.6 million passengers in the January-June period of 2019. 2019 was the second year passenger numbers exceeded 60 millio
Industry July 2, 2023
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Hyundai Pharm recalls top hair-loss drug for containing dementia tablets
Hyundai Pharm, a South Korean pharmaceutical company, is recalling some 20,000 bottles of Minoxidil, a drug for hypertension that is also widely used for treating hair loss, following a report by a pharmacist that a Minoxidil bottle was found to have contained tablets of the dementia drug, Tamirin, instead of Minoxidil, according to news reports on Sunday. The company said both Minoxidil and Tamirin bottles are produced at the same manufacturing facility, saying some Tamirin bottles were mistake
Industry July 2, 2023
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Korean Air-Asiana merger faces more delay
A planned merger of South Korea’s top two air carriers is expected to face more delay as the European antitrust authorities have temporarily halted its probe into the 1.8 trillion won ($1.37 billion) high-profile deal. Korean Air said Thursday it has requested the European Commission to extend the deadline for its final decision on the merger with its smaller rival, Asiana Airlines, saying it will come up with measures to relieve their antitrust concerns. “We have asked for a deadlin
Industry June 29, 2023
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[Best Brand] HK inno.N’s anti-aging products make overseas foray
HK inno.N, a South Korean pharmaceutical firm, has launched its anti-aging skincare brand bewants in overseas markets amid the craze for K-beauty products. The Korean pharmaceutical company's skincare brand bewants targets people aged between 20-30. The brand's lineup includes a wide range of skincare products that use plant-based extracts. In June, the company launched a lifting cream with both soothing and lifting effects. “Backed by increasing popularity in the local market, t
Industry June 28, 2023
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[KH explains] Fear of being short fuels early puberty treatment boom
South Korea’s precocious puberty treatment market has seen rapid growth in recent years, as much as parents’ growing interest in children’s height has led to shortages of the therapies. Precocious puberty treatment is prescribed to children whose puberty begins before age 8 in girls and before age 9 in boys. Children with early puberty may grow quickly at first compared to their peers, but they often stop growing earlier than usual, causing them to be shorter than average later
Technology June 28, 2023
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Daewoong Pharmaceutical submits NDA to China for Fexuclue
Daewoong Pharmaceutical said Tuesday that the company has submitted a new drug application for its gastroesophageal reflux treatment, Fexuclue, to China’s drug agency. Fexuclue was officially launched in July 2022 in Korea as the country’s 34th new drug. Fexuclue is also the only P-CAB drug for gastritis indications in the country. Daewoong Pharmaceutical has submitted its NDA to China's National Medical Products Administration based on its clinical trial of the tablet-type drug
Technology June 27, 2023
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