Today, the global medical technology sector is at a crossroads. Despite a decline in health care spending and a sharp growth in the number of firms pursuing medtech, demand for products and services that promise the best patient outcomes and satisfaction is higher than ever.　In this age, developing a product alone cannot guarantee the success of a medtech company. Firms must instead focus on building, or integrating themselves into, an end-to-end solution that guarantees the best, most economic

More than half of South Korea’s top biopharmaceutical companies calculate their research and development investments as assets, according to data released by a corporate tracker Wednesday, raising concerns that the accounting practice may be distorting firms’ net earnings.Korean corporate tracking firm CEO Score looked into the accounting practices of Korea’s top 50 biopharma companies with a market capitalization of more than 400 billion won ($375 million). Among them, 31 had disclosed their R&

Kakao Taxi, South Korea’s most widely used taxi-hailing mobile app, is introducing a “paid option” that lets users call up taxis faster or immediately by paying an extra fee on top of the ride fare.　The move marks Kakao’s first attempt to monetize Kakao Taxi, which, despite amassing a large user base over the years, has yet to find a concrete business model for generating stable profits.　Kakao Mobility, which operates all of Kakao’s mobility services including Kakao Taxi under the collective Kak

South Korea’s top science and technology university KAIST has called on the South Korean government to expand its financial support for the institute, as it seeks to strengthen its research and training programs and help Korea remain competitive in the new age of technology-driven economies.KAIST on Monday unveiled its “2031 vision” road map, which includes an action plan to innovate its academic training, pave new research areas, encourage more tech-driven entrepreneurship and build a more glob

Samsung Bioepis, the new drug development arm of South Korea’s Samsung Group, has launched its Herceptin biosimilar in the UK through its local marketing partner MSD, becoming the first company to bring a cheaper copy of the blockbuster anticancer drug to Europe.　MSD, also known as Merck & Co. in North America, announced Thursday that Ontruzant, the first biosimilar copy of Roche’s breast cancer therapy Herceptin (trastuzumab), had begun sales in the UK. Biosimilars refer to cheaper, near-replic

Samsung SDS, the IT solutions and logistics service arm of South Korea’s Samsung Group, is seeking to outshine rivals in the global logistics business with its smart logistics platform that leverages artificial intelligence and blockchain technology to improve operational efficiency.　The company on Thursday shared the latest upgrades to it smart logistics platform Cello -- an end-to-end integrated logistics solution that handles logistics process from start to finish, including supply chain plan

South Korea’s Asan Nanum Foundation in partnership with US-based venture capital 500 Startups on Wednesday launched a new website offering helpful startup-related news, information and content in the Korean language.The website, called The Bridge, will offer translated texts of startup-related blog posts, information and news from entrepreneurs and investors overseas, to give Korean founders better access to relevant startup knowledge and resources available in English. The site will also genera

YouTube has emerged as South Korea’s star mobile app, with Korean smartphone users spending the longest amount of time on the video-sharing platform than any other app.　Seoul-based app analytics firm WiseApp on Wednesday released data that counted and compared the minutes Korean Android users spend on four top-used apps here: KakaoTalk, YouTube, Naver and Facebook. (123RF)WiseApp monitored the monthly app usage time of 3,712 Android users above the age of 10 over two years, from March 2016 to Fe

Ion Investments, which is controlled by Singapore’s sovereign wealth fund Temasek Holdings, has sold a part of its stake in South Korean biopharma company Celltrion and its distribution unit Celltrion Healthcare in a block deal worth around 1.1 trillion won ($1.03 billion).　News of the deal, which was made after the market’s close on Tuesday, led to the price of Celltrion and Celltrion Healthcare plunging by more than 10 percent Wednesday.According to news reports, Temasek on Tuesday

Kakao Corp., the operator of South Korea’s most widely-used mobile messenger, is foraying into the blockchain technology business, with possible plans to raise new capital by launching and offering for sale its own cryptocurrency.　In doing so, Kakao is joining the herd of other major internet technology firms that have embraced blockchain and crypto coins as promising businesses and methods of fundraising.　Kakao on Monday announced that it is planning to launch a new subsidiary focusing on block

South Korea’s largest biopharmaceutical business association has kickstarted preparations for a support center that will leverage artificial intelligence to help Korean pharmaceutical companies accelerate new drug development processes.The move comes as Korea seeks to catch up with big pharma firms in the US and Europe which have begun to pour investments into AI for drug discovery. Uses for AI in developing medicines include identifying promising drug candidates and determining the right biomar

SK Biopharmaceuticals, the new drug development unit of South Korea’s telecom-to-energy conglomerate SK Group, is drawing closer to launching its investigational narcolepsy drug in the US, raising hopes for a fresh influx of profits in the near future. SK Biopharmaceuticals and its partner Jazz Pharmaceuticals announced Monday that the US Food and Drug Administration has accepted for standard review their new drug application seeking marketing approval for solriamfetol, an investigational drug t

The Korea Herald is publishing a series of articles highlighting South Korea’s promising startups in the emerging sectors of digital health care and next-generation medical devices. This is the 16th installment of "Health-tech Korea". - Ed.Despite persistent public campaigns by municipal governments to promote clean tap water, South Koreans are known to refrain from drinking it or even using it for cooking. Their heavy reliance on bottled water for consumption shows the lack of trust in water st

South Korean internet giant Naver said Wednesday that it has partnered with the Seoul-based Hankuk University of Foreign Studies to improve and update its online dictionaries for 11 languages over the next four years.　The move comes as part of Naver’s pledge made in 2016 to invest 10 billion won ($9.24 million) toward upgrading and expanding its online dictionaries for five years.(123RF)　Under the partnership, Naver will fund HUF’s efforts to upgrade outdated definitions, fix existing errors and

South Korean video game company Pearl Abyss officially released its latest open-world mobile role-playing game “Black Desert Mobile” in Korea on Wednesday, with servers crashing due to user traffic overload.“Black Desert M” is a mobile remake of the hit massively multiplayer online role-playing game “Black Desert” by Pearl Abyss. The original game was launched in December 2014, and has more than 8.5 million registered users worldwide, including those in Asia as well as the US and Europe. Prior t

South Korea’s video gaming giant Nexon on Tuesday announced the official launch of the Nexon Foundation which has been tasked with spearheading Nexon’s various social contribution programs here and abroad.In doing so, Nexon is joining the likes of its domestic rivals Netmarble Games and NCSoft which also operate similar foundations dedicated to corporate social responsibility projects.The new foundation will continue to operate and expand Nexon’s existing CSR programs, while initiating new proje

Lee Hae-jin, the founder of South Korean internet giant Naver, has officially stepped down from the company’s board, Naver said in a disclosure Monday.During an internal board meeting held the same day, Naver decided not to extend Lee’s board membership that expires next month. Naver’s executive director Choi In-hyuk will be filling in Lee’s position, according to the firm.With the change, Lee will only retain his position as global investment officer, focusing on Naver’s global expansion and in

No one expected it, but they’ve done it. South Korea’s women’s curling team has made Olympic history at PyeongChang by clinching silver. Never considered a medal contender in the sport, the team crushed the world’s top curling powerhouses to arrive at Sunday’s final match, where it lost to Sweden 8-3 to take home silver.Having won its first-ever Olympic medal in curling, South Korea is more excited than ever for its “Garlic Girls” who have emerged as the surprise stars of the 2018 Winter Olympic

At the PyeongChang Games, South Korea’s athletes have defended their Olympic titles in speed skating and formed the first-ever joint Olympic team in women’s ice hockey with North Korean athletes, among other feats.　While the biggest stars of the Olympics are the athletes themselves and their records, they did not get there on their own. Behind the glory of the Olympic champions are dedicated coaches who have been guiding the athletes in the trenches.　Among them, South Korea owes its success to t

The trail-blazing women’s curling team of South Korea is making Olympic history at PyeongChang, as it prepares for the medal match after securing a string of surprise victories over the world’s top teams in the winter strategy sport. And the team’s fast-growing fan base in Korea can’t seem to get enough of the four Olympic curlers from the small town of Uiseong, North Gyeongsang Province.From curling-imitation parodies featuring vacuum robots and broomsticks to memes commemorating the team’s ste