Goryeo Pharmaceutical Suspends Sales of Neuromed Products Worth 10.7 Billion KRW

[Asia Economy Reporter Jang Hyowon] Koryo Pharmaceutical announced on the 21st that its Neuromed product containing oxiracetam has been ordered to suspend sales, recall, and disposal by the Gyeongin Regional Food and Drug Administration, resulting in a business suspension. The amount affected by the suspension is 10.7 billion KRW, which accounts for 14.33% of recent sales.

The reason for the business suspension is that the Drug Safety Evaluation Division conducted a re-evaluation of the oxiracetam formulation in accordance with Article 33 of the Pharmaceutical Affairs Act and regulations on drug re-evaluation, and the usefulness of the formulation was not recognized.

Koryo Pharmaceutical stated, "We plan to comply with the sales suspension and recall/disposal order from the Gyeongin Regional Food and Drug Administration," and added, "If any disclosure matters arise related to this case, we will disclose them without delay."

The company also stated, "Since we have multiple competitive products that can replace the affected product, the impact of this order on our product sales will be limited."