Medytox Faces Botulinum Approval Cancellation Over Data Issues
But Korean Firm Pushes Back
Leading South Korean botulinum toxin company Medytox is facing substantial business risk as its Meditoxin product is suspended amid test result manipulation investigations.
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As South Korea’s drug ministry decides to rescind approval of Medytox’s botulinum toxin product following manipulation of manufacturing and quality control documents, competition among existing rivals and newcomers is expected to further intensify.
The ongoing battle between Korea's Medytox and Daewoong Pharm over the source of the botulinum toxin strain in Daewoong’s product looks set to rumble on until a trade commission unveils the results of its probe next year.
South Korean pharma and biotech companies are opting to spin off certain businesses and set up new subsidiaries to speed up R&D progress and tap funding opportunities. The move, which has become more visible in the past few years is in line with global biopharma trends, although the reasons may vary.