2024/12/30

The Ministry of Health and Welfare said seven new companies, including Dong-A ST, SK bioscience, and Onconic Therapeutics, have been newly certified as Innovative Pharmaceutical Companies (IPCs) for 2024.


The Ministry of Health and Welfare has newly certified seven new pharma firms as Innovative Pharmaceutical Companies. (Credit: Getty Images)
 

Out of 25 new companies reviewed for the certification, seven passed the evaluation process. They are Dong-A ST, SK bioscience, Onconic Therapeutics, Curocell, HanAll Biopharma, SK biopharmaceuticals, and Amgen Korea.

The certification recognizes companies that have invested heavily in research and development (R&D) and made outstanding achievements in new drug development.

Since 2012, the ministry has evaluated and certified companies as IPC under the Special Act on Fostering and Support of the Pharmaceutical Industry. To qualify, companies must maintain R&D investment ratios exceeding specified thresholds and demonstrate excellence in R&D for new drugs.

Companies with annual pharmaceutical sales below 100 billion won ($67.9 million) must allocate at least 7 percent of their revenue to R&D, while those with sales exceeding 100 billion won must allocate at least 5 percent. Companies with U.S. or European Good Manufacturing Practice (GMP) certifications need only a 3 percent R&D investment ratio to qualify, provided they demonstrate strong performance in new drug R&D.

Certified companies benefit from various advantages, including preferential drug pricing, tax incentives, and streamlined regulatory support.

The certification is valid for two years for new recipients and three years for extensions. Five companies—Alteogen, ABL Bio, Ildong Pharmaceutical, AstraZeneca Korea, and Janssen Korea—were reviewed for certification renewal and successfully passed. With the newly certified companies, the total number of IPCs in Korea now stands at 49.

“We will continue to support these innovative pharmaceutical companies by promoting expanded investments in R&D and fostering innovation,” said Jung Eun-young, director-general of the ministry’s Health Industry Bureau. “Additionally, we aim to refine the system and develop comprehensive measures to encourage ongoing success in the industry.”
 

Source : https://www.koreabiomed.com/news/articleView.html?idxno=26172