Hyundai Pharmaceutical has seen its shares rise for three consecutive trading days following comments made by President Yoon Suk Yeol regarding abortion medication (Mifepristone).
As of 1:30 PM on July 16, Hyundai Pharmaceutical's stock was trading at 7,800 won, up 1,090 won (16.24%) from the previous trading day. The company recorded a maximum increase of 29.84% on July 14, followed by a 10.54% rise the day before, continuing to show double-digit growth today.
The surge in stock price is attributed to President Yoon's remarks during a Cabinet meeting on July 14, where he emphasized the need for the institutionalization of abortion medication.
President Yoon stated, "Women who realistically need this medication are experiencing issues while obtaining it through overseas purchases. It is not right to leave this situation unaddressed." He added, "If permitted, it would become a prescription medication, and a system involving doctors would be established," highlighting the necessity for government review.
Hyundai Pharmaceutical applied for domestic approval of the abortion medication 'Mifejima' with the Ministry of Food and Drug Safety in 2021. Mifejima is a combination drug containing mifepristone and misoprostol, which is sold internationally under the brand name 'Mifepristone.'
The Ministry is currently reviewing the application. However, despite the Constitutional Court's 2019 decision declaring the abortion law unconstitutional, subsequent legislation defining the scope and procedures for abortion has yet to be established, leaving the approval process pending.
* This article has been translated by AI.
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