The South Korean government reaffirmed its pledge to support the growth of the nation’s biotechnology and health care sector at the Bio Korea 2016 international convention, which kicked off Wednesday at Coex in southern Seoul.The three-day convention -- which brought together some 23,000 industry officials to discuss and spotlight the latest trends in the local and international bio-health industry -- comes amid Seoul’s efforts to turn it into the country’s next economic growth engine. Prime Min

Industry March 30, 2016

Korean traditional herbal cosmetics brand Sulwhasoo opened a new flagship store in the luxury shopping district near Dosan Park in Gangnam-gu on Wednesday, aiming to cement its position as Asia’s flagship high-end cosmetics brand.　The leading skin care brand, owned by AmorePacific, set a milestone last year by becoming the first-ever homegrown cosmetics brand to singlehandedly post more than 1 trillion won ($860 million) in annual sales.Sulwhasoo's new flagship store in Gangnam (Sulwhasoo)Sulwha

Industry March 30, 2016

Hanmi Science, the holding company of South Korean pharmaceutical company Hanmi Pharmaceutical, on Tuesday said it has purchased roughly 200,000 square meters of land in Yantai, China, for about $10 million for the construction of its new facilities. 　Hanmi Group plans to incrementally inject $200 million until 2026 into building new facilities for the production of biologic and chemical drugs and health supplements, as well as a research and development center for new drug development on the si

Industry March 29, 2016

STARBUCKS START-UP CAFE — Minister of Science, ICT and Future Planning Choi Yang-ho (second from right), Starbucks Coffee Korea CEO Lee Seock-koo (third from right) and young entrepreneurs take part in a ceremony to mark the second season of the “Starbucks Cafe” program led by Starbucks and the ministry. As part of the program — aimed at revitalizing the local start-up community — four Starbucks branches located near universities will host business consulting services, networking meetings and a

Industry March 29, 2016

Asia’s biggest international biotechnology and health care convention Bio Korea 2016 will kick off at Coex in southern Seoul on Wednesday, bringing together some 23,000 industry officials and experts to discuss future trends in the local and international bio-health sector.The three-day event will spotlight the latest advancements in digital health care, an area driven by developments in artificial intelligence, big-data based precision medicine, stem cells and regenerative medicine, health care

Industry March 29, 2016

South Korean biosimilar developer Celltrion said Monday it is close to striking deals with multiple partners in Europe to lead the local marketing and sales of two new biosimilar drugs, ahead of their expected sales approval in the region later this year.　The announcement is aimed at “alleviating uncertainties” over the sales prospects of Celltrion’s biosimilar copies of blockbuster biologic treatments Rituxan (rituximab) and Herceptin (trastuzumab), the firm told The Korea Herald.Truxima, Cellt

Industry March 28, 2016

From military to weather to asteroid mining, outer space’s seemingly infinite scientific and commercial potential has in recent years been enticing a growing roster of countries across the globe into exploring the boundless expanse. 　Despite being a latecomer to the bandwagon, South Korea is seeking to expand its forays, such as with a moon probe, capitalizing on its success -- following two failed attempts -- in lifting off its first Naro space rocket in January 2013 with the help of Russia. 　N

Foreign Affairs March 25, 2016

Starbucks Korea offers ‘Cherry Blossom’ drinksStarbucks Korea is offering three types of “Cherry Blossom” drinks as part of its limited-edition spring promotional menu until April 18.The cafe franchise is offering several beverages -- latte, white chocolate and cream Frappuccino -- topped with flakes that are infused with cherry blossoms, recreating the appearance of flower petals. During the “Cherry Blossom” promotional period, Starbucks is also selling a variety of cherry blossom-themed tumble

Industry March 24, 2016

Seoul authorities have decided to implement a new system to distinguish original Korean cosmetic products from knockoffs that are common in China. The Korea Customs Service on Tuesday said it plans to mark Korean cosmetics with a special QR code label to verify authenticity and ultimately help protect both brands and consumers. KCS plans to implement the new verification system starting from June. Chinese knockoffs based on original Korean cosmetics products (Korea Customs Service)In tandem with

Industry March 23, 2016

In line with rising health consciousness here and abroad, the South Korean food industry is working to reduce sugar content across diverse product categories. 　Amid growing concern over the adverse effects of high-sugar diets, Korea’s sugar substitutes market is fast expanding. Companies are also introducing a wider range of low-sugar beverages and dairy products for an increasingly health-conscious public.CJ Cheil Jedang's Xylose sugar (CJ Cheil Jedang)　The size of the local consumer-bought sug

Industry March 23, 2016

South Korean biosimilar developer Celltrion is slated to become the first ever homegrown biopharmaceutical company to be classified as a “big business.”Last year, the value of the total assets held by Songdo-based Celltrion and its 11 affiliates surpassed 5 trillion won ($4.31 billion), which is the threshold used by the Fair Trade Commission to identify a given company as a “large corporation.” Celltrion’s headquarters in Songdo, Incheon (Yonhap)Celltrion’s status is slated to change before Apr

Industry March 21, 2016

SHENZHEN, China -- “Helping turn innovative ideas into products” is a goal shared by numerous tech start-up incubators and accelerators around the world.　In Shenzhen, China’s electronics manufacturing powerhouse, one company is looking to tackle this task by capitalizing on the city’s rich resources and its own strengths to establish a new ecosystem for smart device developers.　IngDan’s core mission is simple -- linking global start-ups making gadgets that utilize the Internet of Things, everyda

Industry March 21, 2016

The Face Shop, Kakao launch collaborative cosmeticsSouth Korean cosmetics brand The Face Shop and Korean mobile messenger KakaoTalk have launched a new collaborative makeup collection.The new collection includes the brand’s sunscreen, sheet mask packs, perfume, hand cream and lip products that feature Kakao’s six flagship characters Muzi, Apeach, Neo, Frodo, Tube and Jay-G.“We launched the new collection with aims to add a pinch of fun to people’s daily makeup routines,” said an official from Th

Industry March 17, 2016

The Indonesian branch of South Korean cosmetics manufacturer Cosmax has officially secured halal certification, paving the way to enter the global cosmetics market targeting Muslims.Cosmax said Tuesday its manufacturing facilities in Indonesia received certification from major halal certification agency Majelis Ulama Indonesia. MUI is acknowledged by about 40 countries in the world. PT Cosmax Indonesia (Cosmax)Halal -- which means “permissible” in Arabic -- certification ensures that a given pro

Industry March 16, 2016

Lotte Group is sponsoring 600 billion won for the 2018 Winter Olympics scheduled to take place in Pyeongchang, Gangwon Province in South Korea. Lotte struck a partnership agreement with the PyeongChang Olympics Organizing committee, in a ceremony held Wednesday at the Lakai Sandpine Resort in Gangneung, to become the biggest domestic official sponsor for the event.Under the deal, the retail conglomerate plans to sell various official Olympics merchandise, such as clothing, accessories and jewelr

Industry March 16, 2016