Drug makers seeking to brace for measure designed to reduce insurance expenditures

Korea’s pharmaceutical industry have a bleak outlook for this year as the government plans to slash the price of about half the drugs on the market by an average of 14 percent.

The price cuts will be the largest since the government took away drug sales rights from doctors and gave them exclusively to pharmacists in 1999.

Last August, the ministry unveiled a plan to cut prices of 7,500 ge...