Pharma industry on alert over business risks in China
By Lee, Seok-Jun | translator Kim, Jung-Ju
23.05.24 05:50:40
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Ahn-Gook Pharmaceutical, Dong Sung Bio Pharm, Korea United Pharm terminates supply contract for drugs in China
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Business risks related to China have been rising in Korea’s pharmaceutical industry. There are many causes, including the termination of the contract for supplying medicines (or cosmetics), liquidation of Chinese subsidiaries, and claims for damages, etc. Most of them are due to the failure of their Chinese partners in fulfilling their promises.
On the 22nd, Ahn-Gook Pharmaceutical publicly announced that it had requested the termination of its supply contract to the Chinese company (Sichuan Wanhe Chinese Medicinal Decocting Pieces PLC) it had signed a supply contract with for its ‘Anycough Cap’.
The original contract term was 10 years from when the company receives the Import
Lee, Seok-Jun(wiviwivi@dailypharm.com)
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