SK Group deserves praise for trailblazing efforts
An anti-epileptic drug developed by SK Biopharmaceuticals, has won approval from the U.S. Food and Drug Administration (FDA). This marks the first time a Korean pharmaceutical company has obtained FDA approval for a new drug independently without partnering or licensing one out.
The affiliate of SK Group said it will begin selling the new drug, XCOPRI, for the treatment of partial-onset seizures in adults in the United States from the second quarter of next year. The company said the FDA granted the approval, acknowledging that XCOPRI significantly reduced partial-onset seizure frequency, with about 20 percent of patients having no seizures at all.
SK Group deserves praise for its trailblazing efforts for new drug development. It began its pharmaceutical business in 1993. Since then it has focused on new drugs unlike other Korean pharmaceutical companies that have been content with generics. The conglomerate's commitment to new drugs will bear fruit as the global anti-epileptic drug market is expected to grow to $7 billion by 2024. The FDA's approval will positively affect SK Biopharmaceuticals' plan for an initial public offering (IPO) here by the end of the year.
With its bold investment, SK Group is setting a good example for other Korean conglomerates beset with the stagnation of their flagship businesses, including semiconductors and automobiles. The global drug market is largely under the control of major pharmaceutical companies from the U.S., Europe and Japan; so Korean firms could find it difficult catching up with global giants. Nonetheless, if other local conglomerates follow in the footsteps of SK and make bold investments, the biopharmaceutical industry could emerge as one of Korea's new growth engines.
Most recently, the industry here has suffered a series of setbacks in developing new drugs. A case in point is Invossa, a gene therapy drug for osteoarthritis developed by Kolon Life Science, whose approval was revoked this year due to the false reporting of an ingredient and subsequent violation of labeling rules. However, trial and error is inevitable, given the high risk involving new drug development. Korean companies should keep investing, and not be swayed by short-term mishaps.
An anti-epileptic drug developed by SK Biopharmaceuticals, has won approval from the U.S. Food and Drug Administration (FDA). This marks the first time a Korean pharmaceutical company has obtained FDA approval for a new drug independently without partnering or licensing one out.
The affiliate of SK Group said it will begin selling the new drug, XCOPRI, for the treatment of partial-onset seizures in adults in the United States from the second quarter of next year. The company said the FDA granted the approval, acknowledging that XCOPRI significantly reduced partial-onset seizure frequency, with about 20 percent of patients having no seizures at all.
SK Group deserves praise for its trailblazing efforts for new drug development. It began its pharmaceutical business in 1993. Since then it has focused on new drugs unlike other Korean pharmaceutical companies that have been content with generics. The conglomerate's commitment to new drugs will bear fruit as the global anti-epileptic drug market is expected to grow to $7 billion by 2024. The FDA's approval will positively affect SK Biopharmaceuticals' plan for an initial public offering (IPO) here by the end of the year.
With its bold investment, SK Group is setting a good example for other Korean conglomerates beset with the stagnation of their flagship businesses, including semiconductors and automobiles. The global drug market is largely under the control of major pharmaceutical companies from the U.S., Europe and Japan; so Korean firms could find it difficult catching up with global giants. Nonetheless, if other local conglomerates follow in the footsteps of SK and make bold investments, the biopharmaceutical industry could emerge as one of Korea's new growth engines.
Most recently, the industry here has suffered a series of setbacks in developing new drugs. A case in point is Invossa, a gene therapy drug for osteoarthritis developed by Kolon Life Science, whose approval was revoked this year due to the false reporting of an ingredient and subsequent violation of labeling rules. However, trial and error is inevitable, given the high risk involving new drug development. Korean companies should keep investing, and not be swayed by short-term mishaps.
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