More Action Against Novartis As Korea FTC Issues Fine For Unfair Promotion
In another blow to Novartis, South Korea's Fair Trade Commission has imposed a fine on the South Korean subsidiary of the Swiss firm for carrying out unfair promotion of its products at meetings for medical professionals.
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In its ongoing clamp down against illegal rebate activities in the domestic pharmaceutical industry, South Korea cuts prices of Dong-A ST’s drugs. This follows recent punitive measures against Novartis' Korean subsidiary.
Novartis's South Korean subsidiary has been hit with a new fine of around $49m and reimbursement suspensions for a number of its drugs under a new ministerial action related to illegal "rebate" payments made to prescribers.
Following a successful offering by Prestige BioPharma in January, investors will keep their focus on another upcoming major listing by the SK Group's specialist vaccines arm SK Bioscience, which is likely to set the tone for the South Korean biopharma IPO market this year.