[Special Stock] Shinpung Pharmaceutical Faces 3-Month Sales Suspension... Declines Over 6%
[Asia Economy Reporter Park Ji-hwan] Shinpung Pharmaceutical is showing a weak trend with a decline of around 6% after being suspended from sales for 3 months due to illegal rebate issues.
As of 10:09 AM on the 11th, Shinpung Pharmaceutical recorded 178,500 KRW, down 11,500 KRW (6.30%) from the previous trading day.
The Ministry of Food and Drug Safety issued an administrative order on the 7th to suspend sales operations of Shinpung Pharmaceutical's illegal rebate items for 3 months. This will be effective from the 21st of this month until March 20th of next year.
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According to the Ministry, Shinpung Pharmaceutical provided 3 million KRW in cash to medical personnel around December 2013 for the purpose of promoting sales of two products: Shinpung Atenolol Tablets and Operaxin Tablets (Orphenadrine Hydrochloride).
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