4 Additional Companies Including Qurient and Korea Pharmbio
Total 47 Innovative Pharmaceutical Companies
[Asia Economy Reporter Chunhee Lee] Four companies?GI Innovation, Bridge Biotherapeutics, Qurient, and Korea Pharmbio?have newly been added to the list of 'Innovative Pharmaceutical Companies' that the government recognizes for their innovation and supports intensively.
The Ministry of Health and Welfare announced that it has revised the 'Notification on the Status of Certification of Innovative Pharmaceutical Companies' to include these four additional companies. As a result, the total number of innovative pharmaceutical companies has increased to 47.
Innovative pharmaceutical companies designated by the Ministry of Health and Welfare are pharmaceutical firms with research and development (R&D) capabilities and global market entry competencies. These companies receive focused support under the system. Being designated as an innovative pharmaceutical company grants benefits such as priority participation in national R&D projects, tax incentives, preferential drug pricing, relaxation of regulations on research facility locations, preferential treatment in drug price determination and public fund investments, policy fund loans, and support for overseas pharmaceutical expert consulting and education.
New certification evaluations are conducted every two years, and companies that pass the certification maintain their status for three years. Afterward, they must undergo recertification every three years. Since the program began in 2012, a total of 43 companies have been selected, including 30 general pharmaceutical companies, 10 bio-venture companies, and 3 foreign pharmaceutical companies. With this addition, four more companies have been certified.
Lee Byung-geon, Chairman of GI Innovation, said, “We are pleased to be selected as an innovative pharmaceutical company as an unlisted company, unlike most selected companies which are listed, and to be recognized as a company with global market entry capabilities.” He added, “We will strive to become a bio company that can stand tall on the global stage through continuous innovative management activities and R&D.”
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