A growing number of global pharmaceutical companies are partnering with Korean pharmaceutical firms for joint research and development. There are approximately 60 joint pharmaceutical research projects currently underway in Korea. Global pharmaceutical companies are also partnering with Korean hospitals and research centers to expand drug development.
In late November 2014, the Korean Ministry of Health and Welfare (MOHW) announced a plan to offer a simplified and faster listing procedure for new drugs. A drug company may be able to take advantage of the simplified procedure if it accepts a price that is equivalent to 90% of the weighted average price of alternative treatments. Orphan drugs would be given a price equivalent to 100% of the weighted average price of alternative treatments.
The Korean Ministry of Food and Drug Safety (MFDS) also announced a list of raw materials, including asbestos and mercury, that will generally be banned from medical devices in Korea. The ban started January 1, 2015.