As the government pushes for the introduction of abortion medication in South Korea, shares of Hyundai Pharmaceutical have surged.
According to the Korea Exchange, as of 9:35 a.m. on September 17, Hyundai Pharmaceutical's stock was trading at 10,960 won, up 990 won (9.93%) from the previous trading day. The stock opened at 10,280 won and soared to 11,750 won early in the session.
The rise in Hyundai Pharmaceutical's stock is attributed to its emergence as a key player in the market for abortion medication following the government's initiative.
Shin Jun-soo, director of the Drug Safety Bureau at the Ministry of Food and Drug Safety, stated in a briefing the day before, "Assuming that all procedures related to the introduction of abortion medication are thoroughly followed, our goal is to introduce it by the first quarter of next year."
Hyundai Pharmaceutical is among the companies working to introduce abortion medication in the country. The company has signed a contract with the UK-based pharmaceutical firm Linepharma International to secure exclusive domestic rights for the oral abortion drug Mifepristone.
Since 2021, Hyundai Pharmaceutical has submitted three applications for the approval of Mifepristone to the Ministry of Food and Drug Safety. The first application was submitted in July 2021, but the company withdrew it after the ministry requested additional safety, efficacy, and quality data.
In March 2023, the company reapplied for approval, but the review was temporarily halted as some required documents needed amendments to the Criminal Code and the Mother and Child Health Act. Hyundai Pharmaceutical submitted its third application for Mifepristone in December 2024, seeking approval for use within 63 days (9 weeks) of pregnancy. The approval is still pending.
Meanwhile, the specific timeline for the domestic introduction of Mifepristone will depend on the approval process and whether it will be covered by health insurance. Director Shin noted, "The review has progressed significantly, and we still have to complete the risk management plan approval process. After approval, we will need to go through safety and quality inspections and import procedures, but we will do our best to ensure it can be introduced by the first quarter of next year."
* This article has been translated by AI.
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