Vivozon Pharmaceutical Lowers Prices on 45 Items

[Asia Economy Reporter Hyungsoo Park] Vibozone Pharmaceutical announced on the 18th that it will lower the ceiling prices of 45 items. Recently, the company received a price reduction ruling from the Supreme Court. Following the Ministry of Health and Welfare's announcement of the 'Notice on Lifting the Suspension of Enforcement of the Drug Benefit List and Benefit Ceiling Price Table,' the reduction will be implemented. It will take effect from the 23rd.

The price ceiling reduction relates to rebates that occurred between 2007 and 2012, when the company was known as JRP. In June 2012, criminal punishment was finalized, and in December 2016, the company received the first notification of price reduction from the Health Insurance Review and Assessment Service.

Inist Bio Pharmaceutical, the predecessor of Vibozone Pharmaceutical, filed a lawsuit in 2017 titled 'Request for Cancellation of the Drug Benefit Ceiling Price Reduction Disposition,' considering that the rebates occurred during the JRP period before the acquisition. Subsequently, the second trial was held in February 2018, and the third trial in July 2019. Following the third trial's outcome, the price reduction ruling was received.

A Vibozone Pharmaceutical official explained, "This is the final result of a lawsuit that has been ongoing for five years," and added, "We will reduce the drug prices according to the guidelines without objection." They also stated, "Since this was known at the time of acquisition, we will take full responsibility as the acquirer."

Vibozone Pharmaceutical specializes in the manufacturing and sales of finished pharmaceuticals. It joined the Vibozone Group after being acquired by Vibozone Healthcare in 2020.

This content was produced with the assistance of AI translation services.