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CEO of Hyundai Pharm, Chang-Hyun Yoon, recently informed that they had successfully signed on technology transfer agreement of Pramipexole SR with AET (ALFRED E. TIEFENBACHER, located in Germany) targeting about 30 countries in EU.
According to this contract, not only Hyundai Pharm transfers the formulation technology of Pramipexole SR, but also AET gets an approval after conducting additional clinical trials in EU.
As for Pramipexole SR, a medicine for Parkinson’s disease, it is a kind of IMD that Biopharmartis (an affiliate of Hyundai Pharm & founded in 2009) has developed not to infringe the original formulation patents. The original Pramipexole SR has been selling about US$ 1.1billion per year and the most popular product in the market of Parkinson’s disease.
In case of Pramipexole SR developed by Hyundai Pharm, it can be taken once a day, not three times a day.
Currently, Hyundai Pharm expects that the approval for this product would be completed within early 2015 in EU. Also, they plan to extend markets toward about 40 countries in Asia, Africa and so on with dossiers approved in EU.
Peter Choi, a director in a global business department of Hyundai Pharm, has said that formulation technologies of Hyundai Pharm have been verified in the global market again since Hyundai Pharm successfully completed technology transfer of Tamirin SR to Central & South America in 2010. Investing for core-technologies could be a new business chance to survive from our domestic market having difficulty from a circumstance such as reducing drug price.
Actually, although the pharmaceutical market of Korea has been suffering from the changed circumstance resulted from Korea-US FTA & reducing drug price, the business success of Hyundai Pharm could represent a new potential for development in the future
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