Pharmaceutical firms brace for effects of gov’t-imposed price cuts

Published: 2012-08-20 07:00:00

Updated: 2012-08-20 07:00:00

This is likely to be a grueling year for Korean pharmaceutical companies as they feel the brunt of government-imposed price cuts.

Last April, the Ministry of Health and Welfare lowered the prices of 6,506 different pharmaceutical drugs by 14 percent on average as part of its plan to cut budget spending on national health insurance.

The ministry said that national health insurance premium...

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