Daewoong Pharmaceutical fined for refusing gov't probe
By Bahk Eun-jiDaewoong Pharmaceutical was fined 5 million won ($4,084) for refusing an administrative probe by the Ministry of SMEs and Startups over allegations that the company stole botulinum toxin (BTX) strains from rival Medytox, the ministry said Monday. The two firms have been in a legal dispute since 2017.Park Young-sun, minister of SME and StartupsMedytox has claimed Dawoong stole its BTX strain and trade secretly through former Medytox employees who joined Daewoong. Daewoong insists it discovered the strain in its lab here. The government, which received a complaint from Medytox in March 2019, requested Daewoong's cooperation in its field investigation into the firm's research lab in Yongin, Gyeonggi Province on the grounds that the DNA sequence of registered botox strains from both companies is identical. Daewoong Pharmaceutical CEO Jeon Seng-ho“The purpose of the administrative investigation is to resolve an unreasonable situation whereby victims have to prove the fact that their technology was stolen. The SME ministry will continue to develop the system to help sma
