Courtesy of Korea Pharmaceutical and Bio-Pharma Manufacturers Association

The Korea Pharmaceutical and Bio-Pharma Association convened an emergency board meeting on Thursday to discuss future strategies in response to the "Drug Price System Reform Plan" recently approved by the Health Insurance Policy Review Committee.

During the meeting, participants analyzed the pharmaceutical industry's strengths and weaknesses in light of the drug price reform. They agreed that the industry must take proactive steps to respond to these changes. The board recognized an increasing need for structural improvements, including developing strategies for industry growth, reviewing policies such as the drug pricing system, and establishing a stable pharmaceutical distribution system.

To address these concerns, a comprehensive meeting is scheduled for April 14 at the Korea Pharmaceutical and Bio-Pharma Association headquarters in Bangbae-dong, Seocho-gu, Seoul. Representatives from organizations participating in the "Emergency Response Committee for Drug Price System Reform" will discuss converting the committee into a more formal consultative body.

This new consultative body will be tasked with systematically identifying and communicating key issues to be addressed by the "Public-Private Consultative Body," which includes the Ministry of Health and Welfare and industry stakeholders.

A spokesperson for the Pharmaceutical and Bio-Pharma Association said it plans to create forums to gather a wide range of opinions on various topics.

These include setting agendas for the public-private consultative body, formulating proposals for the government, fostering industrial innovation and growth, and developing measures to establish a healthy distribution system.

The Korea Pharmaceutical and Bio-Pharma Association convened an emergency board meeting on …

Drug Price Reform Plan Prompts Emergency Meeting by South Korean Pharma Group