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Lee Hyo-sik

Korea Times Finance Reporter

Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.

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Health

Court lifts sales ban on Meditoxin

By Lee Hyo-sikMedytox received a court order Friday allowing the company to resume the production, sale and use of three dosage units of Meditoxin, its flagship botulinum toxin product. This means Medytox can sell one of Korea's most popular botox products until the Ministry of Food and Drug Safety decides on whether or not to officially revoke the sales permit issued to the company. Daejeon High Court lifted the ministry's order to suspend the sale of Meditoxin, which went into effect on April 17, saying the controversial administrative action could inflict irreversible damage to the company. Medytox asked the court to nullify the ministry's order, saying Meditoxin products were safe.“Given that the petitioner will suffer financial and other damage as a result of (the ministry's) order, it is urgently necessary to prevent such a loss by halting it,” the court said in a statement. “The documents submitted (by the ministry) are insufficient to prove that the suspension of its administrative order will cause any significant harm to public health.”The ruling is e

May 22, 2020By Lee Hyo-sik
Court lifts sales ban on Meditoxin
Politics

Dermatologists oppose gov't move to cancel Meditoxin permit

By Lee Hyo-sikDermatologists are opposing a government move to nullify the permit issued to Medytox for the manufacture, sale and use of three dosage units of Meditoxin, the firm's flagship botulinum toxin product, according to their association Thursday.The Korean Society for Aesthetic and Dermatologic Surgery (KSADS) has filed a petition with the Ministry of Food and Drug Safety, saying it is “too harsh” to cancel Medytox's license for 50-unit, 100-unit and 150-unit Meditoxin products. On April 17, the ministry ordered a suspension of the production and use of the botulinum products and began the process of canceling the company's license. The decision was made after the prosecution disclosed the results of its investigation into Medytox's alleged use of an unapproved ingredient to produce the drug, and acquisition of export approval by fabricating efficacy test results.?In response, Medytox asked Daejeon District Court to cancel the ministry's order, saying the Meditoxin products in question were manufactured from December 2012 to June 2015, and had all been used a lon

May 21, 2020By Lee Hyo-sik
Health

To prevent virus spread

Teachers set up plastic partitions on cafeteria tables at Duksoo High School in Seoul, Wednesday, to prevent the possible spread of the coronavirus. High school seniors are scheduled to return to school May 20. Yonhap

May 13, 2020By Lee Hyo-sik
To prevent virus spread
Politics

Hyundai Pharm's diabetes drug gets FDA approval for phase 2 clinical trial

By Bahk Eun-jiHyundai Pharm has received approval from the U.S. Food and Drug Administration (FDA) for a phase 2 clinical trial of its new drug treating type 2 diabetes, the company said Sunday.The drug, HDNO-1605 (HD-6277), targets the G-protein-coupled receptor 40 (GPR40), also known as free fatty acid receptor 1, which plays a pivotal role in the regulation of insulin secretion, according to the firm.It is proven to lessen hypoglycemia and other side-effects of diabetes medications, according to Hyundai, which says diabetic patients can effectively regulate their insulin levels by taking only one pill a day. The company has been developing HDNO-1605 (HD-6277), which is taken orally, as a state-sponsored project funded by the Ministry of Health and Welfare. The drug has already completed a phase 1 clinical trial in Europe.

May 10, 2020By Lee Hyo-sik
Politics

Remembering Gwangju Uprising

Volunteers from the Red Cross polish tombstones of the victims who were killed during the government's brutal crackdown on the Gwangju Democratization Movement starting May 18, 1980, at the May 18th National Cemetery in Gwangju, Sunday.

May 10, 2020By Lee Hyo-sik
Remembering Gwangju Uprising
Health

Packed amusement park

Parents and children crowd Seoul Children's Grand Park, Monday, a day before Children's Day. The park, which expects more families to visit today, is asking visitors to wear masks, wash their hands and follow other social distancing rules. Yonhap

May 4, 2020By Lee Hyo-sik
Packed amusement park
Health

Practicing social distancing

Employees at the Seongdong District Office in Seoul eat lunch in their cafeteria, Monday. The district office installed glass dividers on cafeteria tables to separate employees from one another during meals. Yonhap

Mar 23, 2020By Lee Hyo-sik
Practicing social distancing
Tech & Science

Conects Q&A tops education app chart in 12 countries

Conects Q&A, an education app developed by ST Unitas, tops education app charts in the United States, Korea and 10 other countries. Courtesy of ST UnitasBy Lee Hyo-sik Conects Q&A, an education app developed by ST Unitas, has topped education app charts in the United States, Korea and 10 other countries, attracting the attention of students seeking to solve their homework problems in real time, the company said Sunday. The other 10 countries are Canada, England, Australia, Ireland, New Zealand, Singapore, Malaysia, the Philippines, South Africa and India.The official version of the app, which debuted in early 2019 as a beta model, is scheduled to be launched in April worldwide. It has undergone a series of improvements through constant feedback from users, the company said.Conects Q&A provides instant answers to questions in real time. Once students scan and upload a problem, the app provides an answer in less than 5 seconds by searching through its database, according to ST Unitas.In addition, it offers a 1:1 chat with experts or 15-second video answers, and a 1:1 voice

Mar 22, 2020By Lee Hyo-sik
Conects Q&A tops education app chart in 12 countries
Politics

Surge in parcel deliveries

Delivery workers load parcels onto their trucks at a parcel distribution center in Seoul Tuesday. The number of parcels has been surging in recent weeks as consumers go online to order household items rather than go to stores amid the coronavirus outbreak. Yonhap

Mar 17, 2020By Lee Hyo-sik
Surge in parcel deliveries
Politics

Cases of identity theft increase amid mask shortages

People line up to buy masks outside a pharmacy in Jongno, Seoul, Monday./ Yonhap By Kim Se-jeongAn increasing number of people have discovered their resident registration numbers have been used by others to purchase hard-to-get face masks amid continued supply shortages, according to police officers Monday.In Gwangju, 350 kilometer south of Seoul, police said they received complaints from two citizens who couldn't buy masks because someone else had already used their ID without their knowledge. In one case, the masks were purchased in Muan, South Jeolla Province, while for another case, the ID was presented in North Gyeongsang Province. Beginning on March 9, each resident has been able to buy two masks per week at a pharmacy upon presenting their personal identification card. Also, people are restricted to buying masks once a week between Monday and Friday based on each individual's birth year ― although these are not applicable on weekends. The government institute

Mar 16, 2020By Lee Hyo-sik
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