The Korea Pharmaceutical and Bio-Pharma Association said it will focus on limiting the impact on the industry from the government’s drug pricing system overhaul.
The association said it held an emergency meeting of its board on April 2 to discuss a response plan to the overhaul, which was recently approved by the Health Insurance Policy Deliberation Committee. The government last month announced the plan, including cutting prices for generic drugs to 45% of the original drug price, down from 53.55%.
At the meeting, the association agreed to draw up specific measures to reduce the hit from the price cuts. It said it will compile member companies’ questions about the overhaul to reduce uncertainty in the field. It also plans to hold two briefings for member companies this month, one online and one in person.
The association said participants also agreed that the response should include a close review of strengths and weaknesses in the domestic pharmaceutical industry and industry-led efforts to support sustainable growth.
They also said the need is growing for steps such as research on industrial promotion policies, including drug pricing rules, measures to support industry growth, and structural improvements such as establishing a sound order in pharmaceutical distribution.
The association said it is also considering converting its emergency task force into a consultative body to discuss the industry’s sustainable development. It plans to hold a full meeting on April 14 at the association auditorium with representatives of participating groups in the “Emergency Task Force on Drug Pricing System Reform for Industry Development.”
If the consultative body is launched, it is expected to help identify and deliver key agenda items for a future public-private consultative group involving the Ministry of Health and Welfare and the industry, the association said.
The association said the April 14 meeting is also expected to gather a wide range of views on setting the agenda for the public-private group, proposals to the government, industry innovation and advancement, and ways to establish a sound distribution order.
The association said it held an emergency meeting of its board on April 2 to discuss a response plan to the overhaul, which was recently approved by the Health Insurance Policy Deliberation Committee. The government last month announced the plan, including cutting prices for generic drugs to 45% of the original drug price, down from 53.55%.
At the meeting, the association agreed to draw up specific measures to reduce the hit from the price cuts. It said it will compile member companies’ questions about the overhaul to reduce uncertainty in the field. It also plans to hold two briefings for member companies this month, one online and one in person.
The association said participants also agreed that the response should include a close review of strengths and weaknesses in the domestic pharmaceutical industry and industry-led efforts to support sustainable growth.
They also said the need is growing for steps such as research on industrial promotion policies, including drug pricing rules, measures to support industry growth, and structural improvements such as establishing a sound order in pharmaceutical distribution.
The association said it is also considering converting its emergency task force into a consultative body to discuss the industry’s sustainable development. It plans to hold a full meeting on April 14 at the association auditorium with representatives of participating groups in the “Emergency Task Force on Drug Pricing System Reform for Industry Development.”
If the consultative body is launched, it is expected to help identify and deliver key agenda items for a future public-private consultative group involving the Ministry of Health and Welfare and the industry, the association said.
The association said the April 14 meeting is also expected to gather a wide range of views on setting the agenda for the public-private group, proposals to the government, industry innovation and advancement, and ways to establish a sound distribution order.
* This article has been translated by AI.
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