AstraZeneca’s viral vector vaccine had 62 percent efficacy against some 8,900 clinical candidates aged 42.2 on average, according to Korea’s Ministry of Food and Drug Safety on Monday. The ministry is running a three-leg review of each COVID-19 therapy or vaccine that has applied for emergency use in Korea. So far, Celltrion’s antibody therapy, AstraZeneca’s viral vector vaccine and Pfizer-BioNTech’s mRNA vaccines have made the applications, in that order. The Dr

Industry Feb. 1, 2021

The COVID-19 pandemic has thwarted many businesses, but for some, it acted as a stressor for growth. On the back of increased contactless working, Naver’s Cloud service experienced a 41.4 percent on-year revenue growth in 2020 at 273.7 billion won ($245.3 million). Naver Cloud currently offers the biggest portfolio of cloud services within Korea at a total of 173 products in 16 categories. It operates a separate cloud system for financial businesses like banks and for public institutions

Industry Jan. 28, 2021

　LG Chem, LG Display, Kia and a score of other companies on Wednesday released business results from the final quarter of 2020, summing up a year hit hard by the infectious disease and restrained consumer sentiment. 　Despite the unfavorable market conditions, some managed to report surprisingly strong earnings in the face of adversity. 　 LG Chem breaks record 　 　Strong battery sales pushed revenues of LG Chem to a record high in 2020. 　The country’s leading chemical company reported

Industry Jan. 27, 2021

Samsung Biologics joined the club of companies making more than 1 trillion won in revenue in 2020, just nine years after its founding. According to the company’s fourth quarter earnings report made Tuesday, Samsung Biologics’ full-year revenue increased 66 percent on-year in 2020, marking 1.16 trillion won ($1 billion). The previous year, Samsung Biologics made 463 billion won in revenue. Its operating profit also rose 12 percent on-year to 292.8 billion on, from the previous ye

Industry Jan. 26, 2021

Pfizer-BioNTech vaccine’s temporary supply reduction in Europe has sparked worries for a possible delay in shipments here, but Pfizer Korea said Tuesday that Korea will suffer no such setback. “For the doses Pfizer Korea has signed with the South Korean government, there appears to be no problem with the supply,” a Pfizer Korea official told The Korea Herald. Pfizer and BioNTech announced via press release dated Jan. 15, that the companies have decided to scale-up the manufa

Industry Jan. 26, 2021

Korea’s Ministry of Food and Drug Safety said Monday that it has started the 40-day expedited review process for the Pfizer-BioNTech COVID-19 vaccine. Pfizer applied for the emergency use approval of its vaccine Monday, the Drug Ministry said. If it passes the fast-track review, the vaccine could be available in Korea no later than mid-March. The mRNA vaccine will be produced in Belgium, according to Pfizer. It is the second COVID-19 vaccine seeking local use permit. AstraZeneca on Jan.

Industry Jan. 25, 2021

Daewoong Pharmaceutical said Monday that it plans to conduct a clinical phase 3 trial for its drug targeted at preventing COVID-19. 　 The company received an approval from the Ministry of Food and Drug Safety to begin the last stage of clinical trials for the drug, Foistar, on Friday. “Foistar is convenient to administer as oral medication. Its mechanism is expected to work best in the early phase of viral replications. As the drug would hold efficacy against viral mutations, we hope it

Industry Jan. 25, 2021

SK Holdings, an investment-focused holdings firm within SK Group, said Sunday that it will focus its investment on four business areas: advanced materials, green, bio and digital. For investment expertise and efficiency, the company has reorganized its operations according to the four sectors, it added. “2021 will be a meaningful year for SK Holdings in this four-way investment drive,” CEO Jang Dong-hyun said via a press release. The company kicked off the year with a 1.6 trill

Industry Jan. 24, 2021

Rummaging around for car keys may soon become a relic of the past. South Korea’s electronic component manufacturing firm LG Innotek said Sunday that it has succeeded in developing a digital car key module that would enable smartphones to replace car keys. The module is equipped with high-precision location detection ability and has reliable security functions, LG Innotek said. The company is actively running promotions targeting global manufacturers of vehicles and vehicle components in

Industry Jan. 24, 2021

A lack of hospital beds has been one of the painstaking points of COVID-19 pandemic as more and more medical institutions around the globe become overwhelmed with patients amid the relentless spread of the coronavirus. GreenPureTech., a Seoul-based medical equipment provider, hopes to provide quick relief to this bed crunch and contribute to saving more lives. According to CEO Lim Hyung-bo, the company is an unrivalled leader in the field of movable negative pressure rooms in South Korea, wi

Industry Jan. 22, 2021

ULikeKorea on Thursday announced that it had signed a memorandum of understanding with Sumitomo Corporation Korea to develop a health care tracker chip for pets in Japan. While existing microchip implants for dogs and cats reveal their identification serial numbers and can be used to trace lost animals back to their families, the proposed new product could enable real-time monitoring of an animal’s body temperature and activity levels through a mobile application. With this information, p

Industry Jan. 21, 2021

Exactly a week after the year’s biggest global investor relations event JP Morgan Healthcare Conference wrapped up on Jan. 14, Korean biotech firms were still more than eager to pitch their businesses to the US investors in a spin-off event, held virtually on Thursday. There were several key takeaways from the event’s panel talk comprising members from US law firm Sidley Austin, US venture capital firm Novatio and a couple of Korean biotech firms who have made exemplary forays into

Industry Jan. 21, 2021

South Korea may be able to secure additional vaccines for 20 million people from US drugmaker Novavax, President Moon Jae-in said Wednesday. The deal is still under negotiation, Moon said, while earlier Korean media reports suggested only being able to cover 10 million people. Earlier on this day, Moon had a virtual meeting with Novavax’ CEO Stanley Erck, during which they held an amicable discussion regarding the latter’s probable technology license issuance to SK Bioscience this

Industry Jan. 20, 2021

Drug maker GC Pharma will apply to expedite the use of its plasma-derived COVID-19 treatment in April in Korea, the company said on Wednesday. The plasma therapy, GC5131A, which uses donated blood plasma from recovered COVID-19 patients, targets those infected who display serious symptoms. In the previous year, the company had said on multiple occasions that it anticipates to release the drug in the market within the first quarter of 2021. The company only wrapped up administration of the the

Industry Jan. 20, 2021

Boryung Pharmaceutical announced it had begun full-fledged use of its Yesan plant and more emphasis on anti-cancer products. Boryung announced Tuesday that it had been producing plasma cell myeloma treatment Velkin from end-December at the Yesan plant, and is soon to send the bulk out to the market. Once the company gains EU good manufacturing practices certification, which the company is preparing to apply for this year, Boryung’s anti-cancer products will make their way to the global

Industry Jan. 19, 2021