Pharma-Bio Association Holds Board Meeting to Discuss Response to Drug Price Reform

Conversion of Emergency Committee into a Consultative Body

to Discuss "Industrial Development" on April 14

The Korea Pharmaceutical and Bio-Pharma Manufacturers Association held an emergency board of directors meeting on April 2 to discuss the recently approved 'Drug Pricing System Reform Plan' at the Health Insurance Policy Deliberation Committee and to plan future response strategies. The association decided to make every effort to minimize the impact on the industry.

The Korea Pharmaceutical and Bio-Pharma Manufacturers Association held an emergency executive committee meeting on the 2nd to discuss the recently approved 'Drug Pricing System Reform Plan' by the Health Insurance Policy Deliberation Committee and future response plans. Korea Pharmaceutical and Bio-Pharma Manufacturers Association

During the meeting, members exchanged views on the potential impact of the drug pricing system reform across the industry and agreed to establish specific measures to mitigate the effects of future drug price cuts. The association will collect and review inquiries from member companies regarding the drug pricing reform plan in order to reduce uncertainty in the industry. As a follow-up, the association plans to hold explanatory sessions on the reform plan for member companies both online and offline later this month, with one session each.

In particular, the meeting included a thorough analysis of the strengths and weaknesses of the domestic pharmaceutical industry in the process of responding to the drug pricing reform. There was a consensus that industry-wide self-help efforts are necessary to ensure sustainable growth. The association diagnosed a growing need for structural improvements such as establishing a sound pharmaceutical distribution order, in addition to preparing industry growth strategies and conducting research on policies for fostering the sector, including drug pricing systems.

Accordingly, on April 14, a plenary session will be held at the auditorium on the 4th floor of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association in Bangbae-dong, Seocho-gu, Seoul, with representatives from organizations participating in the 'Emergency Response Committee for Drug Pricing System Reform for Industrial Development.' At this meeting, the association will discuss the possibility of transforming the committee into a consultative body focused on sustainable industry development.

If officially launched, the consultative body will systematically identify and communicate key agenda items to be addressed by the upcoming 'public-private consultative body,' which will include participation from the Ministry of Health and Welfare and industry representatives. The meeting will also provide an opportunity to gather a wide range of opinions on topics such as setting the agenda for the public-private consultative body, submitting recommendations to the government, industrial innovation and advancement, and establishing a healthy distribution order.

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