South Korea’s net cosmetics production reached a record 10.73 trillion won ($9.3 billion) last year, led by strong exports to China, the Ministry of Food and Drug Safety said Wednesday.Korea’s cosmetics production rose on-year by 19.64 percent in 2015, lending a hand in doubling the country’s cosmetics trade surplus on-year to roughly $1.5 billion last year, the ministry said.Cosmetics shops inside the main Shinsegae Department Store in central Seoul (Yonhap)Korea’s cosmetics exports rose 43.76

Korea Drug Development Fund CEO Joo Sang-aun (left) and Mathai Mammen, senior vice president of cardiovascular diseases, metabolic diseases, immunology and oncology at U.S.-based pharmaceutical company Merck Sharp & Dohme signed a memorandum of understanding Tuesday at the 2016 BIO International Convention taking place in San Francisco. The two have agreed to launch a new joint research and development program geared at linking Korea’s new drug development capabilities with global pharmaceutical

Lotte Chemical, the petrochemicals unit of South Korea’s Lotte Group, said Tuesday that it has made an offer to buy U.S.-based chemicals producer Axiall Corp. with aims to expand its business portfolio and strengthen its footing in North America.The company said it submitted its bid to take over Axiall Corp. last Saturday. No further details were disclosed, including its offering price.Axiall Corp. is an Atlanta-based chemicals firm that specializes in producing integrated chlorovinyls and vinyl

Yuhan-Kimberly, Korea's leading manufacturer of diapers, tissues and feminine hygiene products, is stirring controversy with the release of a new, more expensive premium line of sanitary pads, seemingly contrary to its previous decision to freeze prices on the products. Last month, the firm announced plans to raise prices on its sanitary pads by up to 20 percent, starting from June 1. The notice immediately sparked backlash from local consumers and advocacy groups against the company, which acco

Hyundai Motor sealed an agreement with France’s leading industrial gas supplier Air Liquide on Saturday to boost cooperation in the development of hydrogen fuel-cell electric vehicles, the Korean automotive giant said. 　The two companies signed a memorandum of understanding in Grenoble, a city in southeastern France, agreeing to spread the use of hydrogen fuel-cell EVs and to build more hydrogen charging infrastructure around the world.South Korean President Park Geun-hye (center) fuels hydrogen

U.S. pharmaceutical giant Amgen is preparing to introduce innovative therapies to local patients at affordable costs, stressing “accessibility” as the company’s key value, the chief of Amgen Korea said last Thursday.　“Our foremost vision is to offer local patients with limited or no treatment options access to our drugs in a fitting and timely manner,” said Amgen Korea’s general manager Noh Sang-kyung during an event to mark the opening of Amgen’s Korean office in Seoul last Thursday.Amgen Korea

Like many others, Lee Jun-sung, a 33-year-old office worker living alone in Seoul, spends most of his day sitting at his office. He also eats out frequently and drinks several times a week with clients — all of which have steadily taken a toll on his physical health.Seeking to relieve his indigestion as well as hangovers, Lee started taking a probiotic supplement every morning upon a friend’s recommendation that probiotics can improve intestinal health.Cell Biotech’s Duolac“Since I began taking

LG Life Sciences on Tuesday said that it has begun phase III clinical trials for its new Humira biosimilar under development in South Korea, with plans to commercialize the drug in Korea and Japan by 2018.　The Korean Ministry of Food and Drug Safety approved the final-stage clinical trials for LBAL, LG’s Humira biosimilar on May 27, prompting the company to begin its trials, said company spokesman Park Jun-hyoung.Developed by U.S. pharmaceutical giant AbbVie, Humira (adalimumab) is the world’s t

South Korea’s five newly licensed duty-free stores in Seoul are seeing steady improvements in their daily revenue, with HDC Shilla and Hanwha in the lead so far, the companies said Tuesday.　HDC Shilla said its new duty-free store in Yongsan has been racking up some 1.1 billion won ($925,000) in daily sales since April. It opened on Mar. 25 as the first of the five new stores permitted to begin business this year.Hotel Shilla president and CEO Lee Boo-jin looks around Shilla I’Park Duty Free stor

Samsung Bioepis said Monday that Flixabi, its biosimilar drug referencing Johnson & Johnson’s blockbuster rheumatoid arthritis treatment Remicade, has been approved by the European Medicines Agency.　The EMA has approved Flixabi for the treatment of rheumatoid arthritis, Crohn’s disease, ulcerative colitis, ankylosing spondylitis, psoriatic arthritis and psoriasis, the company said.Samsung Bioepis' headquarters in Songdo, Incheon (Samsung Bioepis)It is the second Remicade (infliximab) biosimilar

South Korea will begin exporting its traditional ginseng chicken soup “samgyetang” to China from next month, as the two countries have reached an agreement on the trade deal, the Korean Agriculture Ministry said Sunday.The Ministry of Agriculture, Food and Rural Affairs said the two governments have concluded talks on related food regulations including those on quarantine and sanitation, making way for Korea to start exporting its chicken soup to China.A bowl of samgyetang (Yonhap)Once local chi

While ramping up global pressure is key to hampering Pyongyang’s nuclear development, Seoul should chart a path to restart denuclearization talks to defuse tension and move toward an ultimate reunification, former New Zealand Prime Minister Jim Bolger said Friday.　“The crucial question is, what are the circumstances of starting dialogue? My observation is that it’s always sooner rather than later,” he told the Korea Herald in an interview on the sidelines of the Jeju Forum for Peace and Prosperi

South Korea is backpedaling on its green growth pledge as the current administration’s emissions reduction goal is lower than that set by the former administration, the deputy secretary-general of the OECD said Wednesday.“We can say (Korea’s current emissions target) is less ambitious than the previous one,” OECD Deputy Secretary-General Rintaro Tamaki told The Korea Herald in an interview after speaking at the Jeju Forum for Peace and Prosperity on Jejudo Island.OECD Deputy Secretary-General Ri

Hite Jinro’s premium soju wins Monde Selection award Hite Jinro on Tuesday said its premium soju brand Ilpoom Jinro has won the grand gold prize in the spirits and liquor category at the Monde Selection 2016 International Awards.It marks the seventh consecutive year that Ilpoom Jinro has kept its title in the category, Hite Jinro said, stressing that the award “signifies international recognition of Ilpoom Jinro’s tasteIlpoom Jinro is a premium soju made by aging Hite Jinro’s original distilled

Philips Korea is looking to take the lead in bridging health care with advanced technology to offer local customers the most efficient and cost-effective services, its chief executive said Tuesday.“Digitalization is the key to redesigning health care to best benefit Korean society,” Philips Korea CEO Dominique Oh said during a press conference in Seoul on Tuesday to mark the company’s 40th anniversary.Philips Korea CEO Dominique Oh speaks during a press conference at the Westin Chosun Seoul on T

Samsung Bioepis said Tuesday it has submitted SB2, a biosimilar drug referencing Johnson & Johnson’s rheumatoid arthritis treatment Remicade, for review by the U.S. Food and Drug Administration.SB2 is under review for the treatment of rheumatoid arthritis, Crohn’s disease, ulcerative colitis, ankylosing spondylitis, psoriatic arthritis, and psoriasis, the firm said.Samsung Bioepis' R&D center in Songdo, Incheon (Samsung Bioepis)It is Samsung Bioepis’ first biosimilar to seek entry into the U.S.

An appellate court on Thursday ruled against Jung Tae-soo, former CEO of Paris Croissant, a bakery and cafe chain under the SPC Group, who claimed that he was unfairly sacked by the company.The Seoul High Court said in its ruling that the evidence was insufficient to support Jung’s claims. Jung took the CEO position of Paris Croissant in March 2013 but stepped down from the post in May 2014 on accusations that he abused his position, for example by using corporate credit cards for personal purpo

South Korea recorded a trade surplus in biopharmaceutical products last year led by a sharp growth in Celltrion’s overseas sales, the Ministry of Food and Drug Safety said Monday.Korea’s biopharmaceutical exports rose 37.4 percent on-year to $892.4 million in 2015, while biopharma imports declined by 15.8 percent on-year to $738.22 million last year, according to the ministry data.(123RF)It marks Korea’s first biopharma trade surplus in six years, with exports exceeding imports by $71.02 million

Hanmi Pharmaceutical will begin selling its next-generation targeted lung cancer therapy HM61713, in South Korea from next month under the name “Olita Tab.,” its vice president and chief medical officer said Friday.The announcement comes a week after the Ministry of Food and Drug Safety approved the drug, also known as Olmutinib, for local sales, allowing it to debut on home turf. The drug’s pricing has yet to be determined.“The approval of Olita Tab. is a great step forward for lung cancer pati

Doosan Group officials celebrate the opening of its new duty-free store inside Doota, a shopping mall complex located in the heart of Seoul’s popular shopping district Dongdaemun Market, on Friday. The Doota Duty Free takes up the top nine floors of the 34-story Doota building, with seven of the floors open as of now. It is the country’s first late-night duty-free shop, with some floors staying open until as late as 2 p.m. (Yonhap)