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- 2026-05-12 03:30:37
- Company
- Will the 3 asthma biodrugs finally be reimbursed this year?
- by Eo, Yun-Ho Jan 27, 2023 05:50am
- Whether the 3 new biologics for asthma will be listed for insurance reimbursement in Korea is receiving attention. According to industry sources, treatments for severe asthma including GSK Korea’s Nucala (mepolizumab), Teva-Handok’s Cinqair (reslizumab), and AstraZeneca Korea’s Fasenra (benralizumab) are undergoing processes for reimbursement in Korea. As interleukin-5 antagonists, the drugs reduce levels of blood eosinophils, a type of white blood cell that is involved in the development of asthma exacerbation. At the time of their approval, the drugs received attention for being an effective treatment option that had not been available before. All 3 drugs have been approved for over 3 years in Korea. However, no other drug has been reimbursed since the reimbursement approval of Novartis Korea’s ‘Xolair (omalizumab)’ in 2020. At the time, the companies had foregone the listing process as they deemed it would be difficult to narrow the differences in opinion on setting the drug price with the government. However, at the end of last year, GSK, Teva-Handok, and AstraZeneca started discussing reimbursement listing again at about the same time. However, it remains to be seen whether the pharmaceutical companies will be able to derive positive results from cost-effectiveness discussions with the Health Insurance Review and Assessment Service under different their different situations. One of the main purposes of asthma management is to reduce the risk of asthma exacerbations Nucala, Cinqair, and Fasenra directly bind to the alpha subunit of the interleukin-5 receptor (IL-5Rα) to induce apoptosis. The drugs demonstrated efficacy in reducing asthma exacerbation and improving lung function.
- Company
- JAKi Cibinqo attempts reimb in both adolescents and adults
- by Eo, Yun-Ho Jan 26, 2023 06:06am
- Pfizer is attempting to receive approval to reimburse its JAK inhibitor ‘Cibinqo’ in atopic dermatitis (AD) for both adults and adolescents in Korea. According to industry sources, Pfizer Korea resubmitted an application for the reimbursement approval of its new janus kinases (JAK) inhibitor ‘Cibinqo (abrocitinib)’ at the end of last year. After the drug passed the review of the National Health Insurance Review and Assessment Service’s Drug Reimbursement Standard Subcommittee in August last year, no news had been heard of its deliberation by the Drug Reimbursement Evaluation Committee. This time, the company is attempting to receive reimbursement approval for the drug in adolescents aged 12 years or older as well as adults that the company had previously applied for. As a latecomer, Pfizer is seemingly attempting to receive reimbursement for its combined indication as its competitors, Lilly Korea’s ‘Olumiant (baricitinib),’ ‘Abbvie’s ‘Rinvoq (upadacitinib),’ has already been receiving reimbursement for the atopic dermatitis indication since May and Rinvoq is also attempting to extend its reimbursement to adolescents. As a result, competition among JAK inhibitors is expected to widen from the adult atopic dermatitis market to the adolescent market as well. Sanofi-Aventis Korea’s ‘Dupixent (dupilumab),’ which is of a different class, has also been receiving attention after its pediatric-adolescent AD indication passed DREC review. Cibinqo demonstrated its efficacy through the Phase III trials JADE MONO-1, MONO-2, COMPARE, etc. The drug reduced the Eczema Area and Severity Index (EASI) by over 70% at Week 12 and demonstrated improvement in itch relief 2 weeks after initiating treatment. Its pivotal study, JADE Mono-1, was designed to evaluate the efficacy and safety of two doses (100 mg and 200 mg once daily) of Cibinqo monotherapy vs placebo in randomly assigned patients 12 years of age and older with moderate-to-severe AD for 12 weeks. Results showed that 63% of the Cibinqo 200 mg administered group had achieved EASI-75 (improvement of at least 75% in lesion extent and severity) at week 12, which was a significant improvement compared to the 12% in the placebo group. Also, the rate of patients that achieved EASI-90 at week 12 had been 39% in the Cibinqo group, 5% higher than that in the placebo group.
- Opinion
- [Reporter's view] There's no instability in supply & demand
- by Lee, Tak-Sun Jan 26, 2023 06:06am
- Last-minute discussions between the NHIS and the pharmaceutical industry are underway regarding PVA of cold medicines, which increased their use due to COVID-19 last year. The consultation began when the government decided to correct the usage instead when the pharmaceutical industry suggested that cold medicines, which have increased their usage due to COVID-19, should be excluded from the PVA. The issue is how far we look at a specific time when usage increased due to COVID-19 last year. This is because the longer the correction time, the more advantageous it is for the pharmaceutical industry, and the shorter the correction effect. The PVA of cold medicines, which are mostly generic drugs, compares the usage of last year and the year before and negotiates the level of drug price reduction according to the increase. Therefore, there is a possibility that it will be excluded from the negotiation, except for a specific time last year when the usage increased due to COVID-19. Since it is difficult to confirm whether it was used for COVID-19 patients one by one, the advantages and disadvantages of the pharmaceutical industry are expected to vary depending on how the two sides consult. The important point is that this PVA should not negatively affect the supply and demand of cold medicines. This is because pharmaceutical companies could lose production power if they are subject to drug price cuts just because of increased usage. It is also a decision against interest rates to raise the upper limit of acetaminophen in December to increase production, and on the contrary, to cut the upper limit to PVA. Therefore, it is important to accurately calculate the level of correction based on actual data, but political calculations are also needed in consideration of the risk of supply and demand instability in the future. We hope that NHIS and the pharmaceutical industry will engage in reasonable consultations without threatening the public health of the people.
- Company
- 54 billion won ⟵ 3.7 billion won in four years
- by Kim, Jin-Gu Jan 26, 2023 06:06am
- In the high blood pressure and hyperlipidemia complex market, the pace of generational replacement between the second and third complexes is accelerating. The size of outpatient prescriptions for the third-party complex of the ARB+CCB+statin combination has tripled in the past three years, expanding to the market of more than 50 billion won a year. The ARB+statin combination's second-generation complex market has been on the decline since its peak in 2021. In the case of last year, the market size fell below 90 billion won, down 7% year-on-year. ◆ Three-drug complex last year's prescription amount was 54 billion won, 3.4 times in three years According to UBIST, a pharmaceutical market research institute on the 25th, the outpatient prescription amount of the three-drug combination of hypertension and hyperlipidemia last year was 54 billion won. This market has exploded recently. The market size expanded from 3.7 billion won in 2018 to 15.7 billion won in 2019, 34.9 billion won in 2020, and 50.8 billion won in 2021. In other words, the size of the market has expanded 3.4 times in the past three years. The market was formed in October 2017 when Hanmi Pharmaceutical launched "AmosartanQ" in a combination of Amlodipine + Losartan + Rosuvastatin. The following year, Ildong Pharmaceutical, Jeil Pharmaceutical, Daewon Pharmaceutical, Celltrion Pharmaceutical, and Samjin Pharmaceutical introduced the third-generation complex to the market. In 2019, Yuhan, Hana, Daewoong, Ahngook Pharmaceutical, and HK inno.N launched their products, and in 2020, Boryeong, Myungmoon, Kyungdong Pharmaceutical, and Unimmed Pharmaceutical launched their products. Most of them are products that have improved their second-order composite. The market leader is Boryung Dukaro. Dukaro made a soft landing in the market with a prescription performance of 6.4 billion won in the first year of its launch in 2020. In 2021, it doubled to 12.7 billion won. At the same time, it surpassed Hanmi Pharmaceutical's AmosartanQ, which is the No. 1 product in the existing market, and took the lead in the market. Last year, prescription performance increased further to 14.1 billion won. Hanmi Pharmaceutical's "AmosartanQ" steadily increased to 2.7 billion won in 2018, 6.8 billion won in 2019, 10.5 billion won in 2020, and 11.4 billion won in 2021. Still, its growth seems to have slowed to 11.3 billion won last year. In addition, Daewoong Pharmaceutical's Ollomax (8.7 billion won), Ildong Pharmaceutical's Telostop Plus (4 billion won), Yuhan Duowell A (2.8 billion won), and HKinno.N Exone-R (2.8 billion won) produced more than 2 billion won last year. Since the success of the third-party complex, competition for the fourth-party complex is also in full swing. Likewise, Hanmi Pharmaceutical first pioneered the market and other companies entered the competition with drugs from the same combination of ingredients. Hanmi Pharmaceutical was approved for Amozaltan XQ in November 2020. The prescription amount of Amozaltan XQ increased 2.7 times from 2.3 billion won in 2021 to 6.4 billion won last year. Following Hanmi Pharmaceutical's Amozaltan XQ, Yuhan Duowell A Plus, GC Pharma Rozetelpine, Jeil Pharmaceutical's Telmican-Q, and Chong Kun Dang Nuvorozet were approved one after another. The pharmaceutical industry predicts that competition for the fourth-generation complex will take place in earnest this year. ◆2nd Compound Market Decreases to Less than 90 Billion won As the 3rd and 4th composite markets grow explosively, the pace of generational replacement with the existing 2nd composite is also accelerating. Last year, the market size of the ARB+Statin combination's second-generation complex was 89.6 billion won, down 7% from 2021. The second complex market has steadily expanded to 86.9 billion won in 2018, 90.4 billion won in 2019, 94.5 billion won in 2020, and 96.5 billion won in 2021, but it has been reduced for the first time last year. Most of the major products are also on the decline. Yuhan Duowell's prescription amount increased to 20 billion won in 2018 but has steadily decreased since then. Last year, prescriptions fell to 16.5 billion won. Hanmi Pharmaceutical's Rovelito also peaked at 22.7 billion won in 2018 and steadily decreased to 15 billion won last year. JW Pharmaceutical's Livaro V, LG Chem's Rovatitan, and Ildong Telostop also saw their prescriptions fall more than 10% year-on-year last year. The prescription performance of Akarb and Tuvero in Boryung increased. Akarb recorded a prescription amount of 7.4 billion won last year. It increased by 14% compared to 6.5 billion won in 2020. Tuvero, which combines fimasartan with Rosuvastatin, increased slightly from 6.4 billion won to 6.5 billion won.
- Policy
- MFDS preannounces temporary narcotics designation of 2 drugs
- by Lee, Hye-Kyung Jan 26, 2023 06:05am
- On January 20th, The Ministry of Food and Drug Safety (Minister: Yu-Kyoung Oh) preannounced the designation of two drugs including ‘Etazene’ that is being misused or abused as a narcotics substitute in Korea and abroad. Etazene is a synthetic opioid that has a similar structure and effect to Etonitazene, which has been designated as a narcotic drug, and is being controlled as a temporary-class narcotics drug in Japan. 6-Monoacetylmorphine, whose temporary narcotics designation expires on March 8th, will be redesignated as a Group 2 temporary narcotics drug. The temporary narcotics designation system is a system that manages and controls certain non-narcotics in the same manner as narcotics within a 3-year period due to concerns of such being misused or abused as an alternative to narcotics and posing risks to public health. Substances designated as temporary narcotics are handled and managed in the same manner as narcotic drugs from the date of the pre-announcement. Therefore, carrying, possessing, using, controlling, exporting, importing, manufacturing, trading, assisting in the trade of, giving, or receiving temporary narcotics will be completely banned, and relevant substances can be seized. Also, anyone who export, import, manufacture, trade, assist in the trade, give or receive Group 1 temporary narcotics after the pre-announcement on the list of temporary narcotics will be punished by imprisonment with labor for an indefinite term or not less than 5 years. Anyone who imports, exports, or manufactures Group 2 temporary narcotics shall be punished by imprisonment with labor for not more than 10 years or by a fine not exceeding KRW 100 million. Those who trade, assist in trade, give or receive Group 2 narcotics shall be punished by imprisonment with labor for not more than 5 years or by a fine not exceeding KRW 50 million. MFDS expressed hopes that the preannouncement will help block the distribution of new illicit drugs in advance and will cooperate with relevant prosecution, police, the Korea Customs Service, and other related agencies, and continue making efforts to protect public health from the harms inflicted by new and illicit narcotic drugs.
- Company
- Medytox in legal dispute with its Chinese partner
- by Kim, Jin-Gu Jan 25, 2023 06:08am
- Medytox has been embroiled in a 120 billion won legal dispute with its Chinese botulinum toxin partner. Medytox officially announced on the 20th that Gentix Ltd., a subsidiary of the Chinese company Bloomage Biotechnology, had filed a claim for damages against Medytox to the Singapore International Arbitration Centre (SIAC). Gentix had claimed that Medytox violated the contracted terms of their Chinese joint venture. In addition, Gentix requested SIAC to confirm the company’s right to terminate the agreement. The amount claimed for damages is HKD 750 million (approximately KRW 118.8 billion). Based on the end of the third quarter of last year, this is equivalent to 26.4% of Medytox's total capital of KRW 449.2 billion. Medytox established Medybloom China with Bloomage Biotechnology in 2015 to prepare for entry into the Chinese market. Medytox had planned to sell its botulinum toxin product to the Chinese market through the newly established company. However, the plan was put to a halt in July last year with Bloomage announcing intentions to terminate its cooperative relationship with Medytox. At the time, Bloomage is said to have pointed to how Medytox did not supply products for sale as the reason for termination. On this, Medytox said, "We believe that no violations of such that have been claimed by the other party has been made, and plan to actively respond with our legal representatives.”
- InterView
- “Novartis will lead the provision of innovative medicines”
- by Eo, Yun-Ho Jan 25, 2023 06:08am
- Byungjae Yoo, General Manager of Novartis Korea The Korean subsidiary of Novartis underwent a period of turmoil last year. The company integrated its Pharmaceuticals and Oncology business units in line with the reorganization policy set by its global headquarters. Before then, the company had been operating 2 separate business units independently under one name. The two units had separate support departments including marketing·sales departments as well as drug pricing·government relations·approval departments. Through the integration process, all of these departments were merged into single departments with one head. As a result, layoffs were made and the head of the integrated subsidiary was appointed for the first time since the company’s establishment. The fact that a Korean representative was appointed to head this first-ever integrated Novartis Korea was also a big change. Since its establishment in 1997 and the first president Frans Hompe, the company had mostly appointed foreign heads to lead the Korean subsidiary, including Jean-Luc Scalabre in 1998, Peter Maag in 2003, Andrin Oswald in 2006, Peter Jager in 2008, Brian Galdsden in 2014, and most recently, Joshi Venugopal. The only Korean national that had been appointed until now was Hak-sun Moon in 2015. Dailypharm met with Byungjae Yoo, General Manager of Novartis Korea, who first-handly lead the company through this momentous change. - You were appointed General Manager of Novartis Korea’s Pharmaceutical division in 2021, and then the General Manager of the integrated Novartis Korea last year. What have you been focusing on in the company amid the various changes that had been made last year? My prime focus was on finding the role and direction for Novartis Korea in the changing global pharmaceutical industry. For this, I reviewed much research and consulting reports on the global pharmaceutical industry over the past year. Also, I discussed Novartis’s strategic priorities and Korea's role with our global head office and region managers. Secondly, I tried to connect with our employees and find out what the employees wanted and how to satisfy such desires. After various discussions, I came to the conclusion that Novartis Korea as a company excelled in being ‘goal-oriented,’ but needed to make more effort in being ’purpose-driven.’ Ultimately, I want Novartis Korea to become a purpose-driven company rather than a goal-oriented company. -The Pharmaceuticals and Oncology business units were integrated last year. What was the purpose of the integration and what is your future direction? The biggest purpose of integrating the business units was to ‘do what we do best.’ As so many companies exist in the pharmaceutical industry, each company needs to find its areas of specialty, such as generic drugs or specialty drugs. Also, the needs of each society or patient are also different. Therefore, Novartis decided to integrate its business units to do what it does best – ‘ to overcome diseases’ – and focus on its 5 core therapeutic areas (cardiovascular, immunology, neuroscience, solid tumors, and hematology) to bring synergistic effects. -What is Novartis Korea’s business goal for this year? From 2018 to 2022, Novartis has had one of the most extensive and innovative pipelines among global pharmaceutical companies. Therefore, the company’s priority this year is to increase patient access to its innovative treatments. We plan to discuss how to increase patient access to such innovative treatments within the limited National Health Insurance budget with experts and reach a social consensus on the measures derived. Also, we plan to continue working with domestic companies and startups. We plan to actively support Korean companies that wish to enter the global market through discussions with our head office. -When setting the 1-year business plan, what products have you set as a priority? Among the newly launched products, therapies that are not yet sufficiently supplied to patients in need will likely be given priority. These include Entresto, Cosentyx, Kisqali, Scemblix, Zolgensma, and Kymriah. -The company received much attention, both good and bad, for successfully listing ultra-high-priced drugs such as Zolgensma, and Kymriah for reimbursement in Korea last year. I heard you have other formidable new drugs awaiting release in your pipeline. Could you share your plans for the future? Novartis is not afraid to take risks in developing new drugs for incurable diseases. This is why the company has a higher probability of developing new drugs as well as a high R&D cost. therefore, we will also need to make efforts to reduce such costs while developing new drugs. Patients talk of how a ray of hope shone through in their desperate situation with the introduction of a new drug. I think access to innovative treatments that address existing unmet needs has been strengthened in general in Korea. However, a lot of discussions are still needed on how to address the resulting increase in social cost. The issue cannot be resolved by just strengthening one part while sacrificing others. Therefore, I plan to continue discussions with relevant parties to devise measures that fit the situation. -Do you have plans in place to improve access to ultra-high-priced drugs in Korea? I think making dialogues will be the answer to finding ways to improve treatment access to such drugs. In the past, when Korea’s health expenditure amount of the total GDP had not been as high as other advanced countries and NHI finances were not in deficit, the patient's medical needs were a decisive factor in determining reimbursement. However, that time has passed, and much discussion is now required for any reimbursement. If experts provide opinions on how to finance the national health insurance and the pros and cons, including whether to finance the NHI through funds, private insurance, or bring in other sources of finances other than the NHI, we could provide opinions from the pharmaceutical company’s perspective and seek out solutions together.
- Pfizer reattempts reimb for its new AML drug Mylotarg
- by Eo, Yun-Ho Jan 20, 2023 06:07am
- A new drug for acute myeloid leukemia (AML), ‘Mylotarg,’ is again attempting reimbursement in Korea. According to industry sources, Pfizer Korea has recently resubmitted its application to reimburse its AML drug Mylotarg (gemtuzumab ozogamicin) in Korea. Mylotarg was deliberated by the Health Insurance Review and Assessment Service’s Cancer Disease Review Committee in May last year but was unable to pass review or set reimbursement standards. Therefore, whether Mylotarg will be able to pass CDDC this time and start its journey to receive reimbursement in Korea remains to be seen. The drug is an antibody-drug conjugate (ADC) approved as a first-line treatment for patients with newly-diagnosed CD33-positive AML. The drug, which received marketing authorization in Korea in December 2021, is an ADC composed of a CD33-targeting monoclonal antibody linked to calicheamicin, a potent cytotoxic agent. The drug works on cells that express the CD33 antigen, which is expressed in more than 90% of AML patients. This blocks cancer cell growth and induces apoptosis. Mylotarg’s approval was based on a clinical trial (ALFA-0701) that was conducted on 271 patients aged between 50 to 70 with newly-diagnosed AML with no prior treatment experience. The ALFA-0701 trial was an open-label, randomly assigned, multicenter Phase III study that compared the existing standard front-line chemotherapy - daunorubicin+cytarabine combination therapy - with Mylotarg+ daunorubicin+cytarabine combination therapy. Results showed that the median event-free survival (EFS) in the Mylotarg+daunorubicin+cytarabine combination therapy group was 17.3 months, which was a 7.8-month extension compared to the 9.5 months in the daunorubicin+cytarabine combination therapy group. Also, the Mylotarg combination therapy reduced the risk of induction failure, relapse, or death by 44% compared to chemotherapy alone. The median relapse-free survival (RFS) was 28.0 months in the Mylotarg+daunorubicin+cytarabine combination therapy group and 11.4 months in the daunorubicin+cytarabine combination therapy group, showing a significant 16.6-month difference with the addition of Mylotarg. In the case of median overall survival (OS), the median OS was 27.5 months in the Mylotarg+daunorubicin+cytarabine combination therapy group and 21.8 months in the daunorubicin+cytarabine combination therapy group, but there was no statistically significant difference between treatment arms in OS. Meanwhile, Mylotarg has passed the drug committees of the Big 5 tertiary hospitals in Korea including the Samsung Medical Center, Seoul National University Hospital, Seoul St. Mary’s hospital, Sinchon Severance hospital, as well as other various medical institutions including the National Cancer Center and Chonnam National University Hwasun Hospital, etc.
- Policy
- Penalties for rebate drugs can be replaced by fines
- by Lee, Jeong-Hwan Jan 20, 2023 06:07am
- Rep. Kim Min-seok A bill will be promoted to replace drug price cuts and suspension of salaries for illegal rebates on drugs with fines. It also includes a clause that further strengthens the penalty standard for effective illegal rebate disposal. The move aims to solve the problem of increasing drug costs for patients who have to continue taking drugs due to administrative measures such as suspension of salary. On the 19th, Rep. Kim Min-seok of the Democratic Party of Korea proposed a partial amendment to the National Health Insurance Act. Under the current law, if drug suppliers such as pharmaceutical companies are found to have provided economic benefits to medical personnel for the purpose of promoting sales, drug prices will be lowered and salaries will be suspended. Kim Min-seok agreed to punish illegal rebates strictly but pointed out the problem of patients being damaged by the suspension of drug benefits and drug price cuts. Kim points out that the burden of drug costs for patients who have to continue to take existing drugs will increase significantly, and the anxiety of eating other drugs will also be borne by the patient, which could infringe on the public's right to health. In particular, Rep. Kim was also concerned that prescribing and selling identical drugs that are more expensive than the insurance price of administrative disposition drugs for suspension of salary will increase drug expenditure, increasing the financial burden of health insurance. In addition, in 2018, the National Assembly revised the law to replace the suspension of salary for rebate drugs before the revision but criticized that the government is still applying the old law. In response, Rep. Kim proposed a bill that could replace the drug price reduction and benefit suspension system for rebate drugs with a penalty sound. Kim said, "We will set a strengthened level of penalty standards to enhance the predictability of administrative disposition and effective sanctions on rebates," adding, "We will also solve the problem of patient drug options and accessibility violations due to suspension of drug subsidies."
- Company
- LG Chem completes acquisition of US bio-company AVEO
- by Kim, Jin-Gu Jan 20, 2023 06:07am
- Executives and employees including LG Chem Vice Chairman Hak Cheol Shin (first row, fourth from the left), AVEO CEO Michael Bailey (next to VC Shin), LG Chem Life Sciences President Jeewoong Son (first row, far left) met to take a celebratory photo LG Chem has completed the acquisition of the US bio-company AVEO Pharmaceuticals and plans to make the leap to become one of the 'global top 30 pharmaceutical companies focusing on the oncology business. On the 19th, LG Chem announced that it had invested KRW 707.2 billion (USD 571 million) in its U.S. affiliate, ‘LG Chem Life Science Innovation Center,’ to acquire AVEO Pharmaceuticals on the 18th. The company plans to complete the M&A process by the 20th. LG Chem received approval for the HSR filing on December 1, 2022. Afterward, the merger passed the shareholders’ meeting and was approved by the Committee on Foreign Investment in the United States (CFIUS) on the 17th. After the acquisition, AVEO will be integrated as a subsidiary of LG Chem. However, the company will be operated independently as before based on its oncology business capabilities. AVEO Pharmaceuticals, which was established in Boston, MA in 2002, owns full capabilities ranging from clinical development, approval, sales to marketing in oncology. The company received FDA approval for its targeted therapy Fotivda for the treatment of renal cell carcinoma in 2021. In only 2 years since the release of the new drug, the company raised KRW 130 billion last year, and sales are expected to grow over 60% and achieve KRW 210 billion this year. The US securities companies expect sales of Fotivda to reach KRW 450 billion by 2027. Through the acquisition, LG Chem aspires to grow as a global pharmaceutical company in the field of oncology. In the mid-to-long term, the company will transfer the company’s new anticancer drug pipeline to AVEO and accelerate the commercialization of new oncology drugs in the US. LG Chem is currently developing cell therapies and immune checkpoint inhibitors in the preclinical stage. With the merger, the Life Science Innovation Center, which owns strengths in early-stage research and manufacturing process development, will be in charge of ▲discovering promising anticancer candidate substances, ▲preclinical and early-stage clinical trials, and the ▲commercialization process development, and AVEO, which owns know-how in clinical development and sales in the US market, will be in charge of ▲later stage research of the company’s oncology pipeline, and ▲commercialization. In addition, the company plans to continue reinforcing its anticancer product portfolio by promoting the introduction of oncology tasks in late-stage clinical trials near commercialization. LG Chem plans to invest KRW 2 trillion in its bio-business by 2027 and release 4 or more new drugs in the fields of oncology and metabolic diseases in the global market by 2030. Also, the company plans to achieve sales of KRW 2 trillion by 2027 by expanding sales in existing businesses such as diabetes, vaccines, growth hormones, and oncology. After sales of new drugs currently under development begin in earnest in 2030, LG Chem expects sales to continue to grow by hundreds of billions of won each year. Hak Cheol Shin, Vice Chairman & Chief Executive Officer at LG Chem, said, “We will focus on fostering Aveo as a future bio hub that can drive the growth of our oncology business and combine and maximize synergies of our business to make the leap forward and become one of the 'global top 30 pharmaceutical companies focusing on the oncology business.’ Michael Bailey, CEO of AVEO, said, “The merger has brought AVEO one step closer to its vision of ‘improving the lives of cancer patients.’ By combining the capabilities of the two companies, we will grow to another level and become a company that continues to release new drugs
