The momentum for the drug companies to switch their marketing focus on overseas markets was given when the Ministry of Health and Welfare announced in April this year a plan to cut prescription drug prices totaling 1.7 trillion won. For example, JW Holdings recently signed an agreement with Baxter International Inc. of the United States to supply parenteral nutritional products containing a novel formulation of omega 3 lipids worth US$10 million.

 

Boryung Pharma, meanwhile, signed a licensing agreement with Stendhal International, a Mexico-based drug company, to supply its angiotensin receptor blocker Kanarb for $26 million. Dong-A Socio Holdings has also struck a deal to sell a $1.4-million anti-cancer drug to a Polish drug company.