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Ministries Host Meeting to Support K-Pharmaceutical and Bio Startups The Ministry of SMEs and Startups and the Ministry of Health and Welfare announced on September 17 that they held a meeting with small and medium-sized pharmaceutical and bio companies.This meeting was organized to share key details of the 'K-Pharmaceutical and Bio Frontier Company Development Plan,' which both ministries are jointly preparing to respond to the rapidly changing global pharmaceutical and bio market and secure future growth drivers. It also aimed to listen to the challenges and policy needs faced by these companies in the field.During the meeting, officials from both ministries explained the main contents and future directions of the 'K-Pharmaceutical and Bio Frontier Company Development Plan' and engaged in in-depth discussions with companies about the support needed throughout their growth process, from technology development to commercialization and global expansion.Particularly in the area of new drug development, discussions focused on the long-term development process that includes candidate substance discovery and development, non-clinical testing, and clinical trial planning and approval, as well as phases 1, 2, and 3 of clinical trials, and product licensing and commercialization. The need for organic connections between research and development (R&D), clinical trials, investment, and commercialization support at each stage was emphasized.Participants noted that support is needed for technology development and testing during the candidate substance development and non-clinical stages, while large-scale funding, specialized personnel, and collaboration with hospitals and clinical institutions become increasingly important as companies enter the clinical stage. There were also calls to strengthen policy linkages to ensure that companies can continue to grow through product licensing, technology transfer, follow-up investment, and entry into global markets after clinical trials.Based on the feedback from the field, the ministries plan to identify promising small and medium-sized enterprises with growth potential and technological capabilities, establishing a system to connect and support necessary policy measures tailored to each company's growth stage and needs.They aim to go beyond supporting individual R&D projects and to concretely develop the 'K-Pharmaceutical and Bio Frontier Company Development Plan' by considering the growth pathways of companies that encompass technology development, clinical trials, commercialization, investment guarantees, and global expansion.Recognizing the unique characteristics of the pharmaceutical and bio industry, both ministries agreed on the importance of organically linking their respective policy measures and expertise.In March, the two ministries jointly announced a 'Comprehensive Collaboration Plan for Pharmaceutical and Bio Ventures' to address the challenges faced by these companies at various stages of growth.They plan to establish a collaborative support system that connects the Ministry of SMEs and Startups' capabilities in discovering and nurturing promising small and medium-sized enterprises with the Ministry of Health and Welfare's expertise in the pharmaceutical and bio sector and its support infrastructure related to clinical trials and commercialization.Yoon Yong-seok, First Vice Minister of the Ministry of SMEs and Startups, stated, "We will faithfully reflect the opinions shared today in the 'K-Pharmaceutical and Bio Frontier Company Development Plan' and actively support promising companies in their growth from technology development to clinical trials, commercialization, and global market entry by combining the R&D, investment, and commercialization capabilities of the Ministry of SMEs and Startups with the pharmaceutical and bio expertise of the Ministry of Health and Welfare."Lee Hyung-hoon, Second Vice Minister of the Ministry of Health and Welfare, added, "Based on the voices from the field, we will work closely with the Ministry of SMEs and Startups to establish an effective support system that can alleviate the difficulties faced by promising companies during their growth process."* This article has been translated by AI. 2026-09-17 14:32:10 -
International Oil Prices Surpass $100, Pressuring Food Industry Costs International oil prices have once again surpassed $100 per barrel, intensifying cost pressures on the domestic food industry, which had already been grappling with high inflation and exchange rates in the first half of the year. While the recent decline in the won-dollar exchange rate has eased some burden on imported raw materials, the ongoing high oil prices are raising logistics, packaging, and energy costs for factory operations, becoming a significant factor for profitability in the second half of the year.According to the Korea National Oil Corporation, the spot price of Dubai crude rose by $0.30 to $128.00 per barrel on September 16. Brent crude futures closed at $105.83 per barrel, while West Texas Intermediate (WTI) finished at $102.43 per barrel. Although these prices fell by $2.92 (2.69%) and $3.40 (3.21%) respectively from the previous trading day, they remain at elevated levels. International oil prices have exceeded the $100 mark for the first time in four months since May.The rise in oil prices is particularly concerning as it leads to increased costs across food manufacturing and distribution. The logistics sector is the first to feel the impact, as shipping costs for importing raw materials like grains are compounded by fuel surcharges. Additionally, domestic costs for operating refrigerated and frozen transport vehicles and freight services are also rising.Pressure on packaging material costs is also mounting. The price of naphtha, a key raw material for PET bottles, vinyl, and plastic containers, soared to $1,063.10 per ton in April, dropped to an average of $708.40 per ton in June, but has since climbed back to the $800 range this month. The increase in naphtha prices directly raises the cost of auxiliary materials. Furthermore, production facilities are closely monitoring the potential rise in energy costs, including gas and electricity, necessary for factory operations.Major food companies typically secure advance contracts and stockpiles of raw materials for three to six months to absorb short-term shocks. However, they express concerns about the sustainability of this approach if high oil prices persist. A representative from the food industry stated, "If the trend of high oil prices continues, the increase in production costs will inevitably begin once existing stockpiles are depleted."The food industry has already raised the prices of key products earlier this year due to cost pressures. CJ CheilJedang increased the prices of 27 major items, including cooked rice and dumplings, by an average of 8%. Nongshim raised the prices of its cup noodles and other key products by an average of 5.8%. Ottogi adjusted the prices of some products, including instant rice and convenience meals, by as much as 29.4%. Lotte Chilsung Beverage also raised the prices of 44 items across 12 brands, including Chilsung Cider, Pepsi Cola, and Milkis, by an average of 5.3% in June.Seong Yong-gu, a professor of business administration at Sookmyung Women's University, noted, "The food industry has accumulated pressures from high exchange rates and rising raw material prices, but has not been able to fully reflect these in prices due to government price management. If international oil prices remain above $100, it could trigger further price increases." 2026-09-17 14:28:10
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Tokyo Game Show 2026 Kicks Off with Expanded K-Games Targeting Global Markets Japan's largest gaming exhibition, the Tokyo Game Show 2026 (TGS 2026), opened on September 17. Major Korean game companies are showcasing a variety of new subculture titles in Japan, a rapidly emerging market.As the domestic gaming industry broadens its focus beyond mobile MMORPGs to capture global users, this year's TGS serves as a platform to assess the competitiveness and market potential of new releases from Korean companies in the world's third-largest gaming market.TGS 2026 is being held from September 17 to 21 at Makuhari Messe in Chiba, Japan. Celebrating its 30th anniversary, the event has expanded to five days, featuring a record 1,138 companies with 3,999 booths, including 540 from Japan and 598 from overseas.Korean game companies are heavily participating in the Tokyo Game Show. Major firms such as Nexon, NC, Netmarble, Smilegate, NHN, and Shift Up are presenting new titles. Mid-sized and indie developers are also attending to expand their reach in Japan and other global markets.According to the '2025 Korea Game White Paper' published by the Korea Creative Content Agency, Japan accounts for 10.0% of the global gaming market, ranking third after China (24.2%) and the United States (20.9%). The representation of subculture games, which have a strong user base in Japan, has significantly increased among the titles presented by Korean companies.Nexon Games and NC are debuting their new subculture titles, 'Paralydia' and 'Astraea Oratio,' respectively, at TGS. Nexon Games' 'Paralydia' is the next project from the team behind 'Blue Archive,' emphasizing interaction between characters and players.NC's 'Astraea Oratio,' developed by Dynamis One, is set in a fictional Tokyo in 1989, featuring retro-style analog art. The game will showcase its artistic elements alongside gameplay features like turn-based combat.Netmarble is presenting its collectible RPG 'Pearl in Blue,' which is its first self-produced subculture game. Smilegate is showcasing the subculture collectible RPG 'Future City: The Invisible Future.'Platform expansion is also notable, with developers moving beyond mobile to PC, console, and multi-platform releases. Shift Up will demonstrate the Nintendo Switch 2 version of 'Stella Blade Complete Edition' at the Sega/Atlus booth for the first time. Last year, 'Stella Blade' expanded from PlayStation 5 to PC, and now it is targeting the current generation console market with the Switch 2 version. Gravity will also unveil its 'Ragnarok Console Project,' expanding its flagship IP 'Ragnarok' to consoles for the first time at TGS.Some companies are leveraging existing successful titles and intellectual properties (IPs) to penetrate the Japanese market. Nexon is showcasing 'Mabinogi Mobile,' while Netmarble and Smilegate are presenting 'Shangri-La Frontier: The Seven Strongest' and 'Dead Account: Two Blue Flames,' respectively, both based on popular Japanese manga. NHN PlayArt is participating in TGS for the first time in eight years, presenting seven titles, including three new releases.The government is also using TGS to assess the overseas expansion status of Korean game companies. Minister of Culture, Sports and Tourism Choi Hwi-young plans to visit the TGS on the 20th to tour domestic company booths and review key exhibits while gathering feedback from the industry.This marks the first visit by a sitting culture minister to TGS. It is reported that he will also visit the Korean Pavilion, established by the Korea Creative Content Agency to support the overseas expansion of small and medium-sized game companies. As Korean companies increasingly enter the Japanese market, the government aims to directly understand the industry's overseas expansion status and challenges while exploring support measures.* This article has been translated by AI. 2026-09-17 14:28:10
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South Korea to Allow Prescription of Mifepristone for Early Abortions The South Korean government plans to officially allow the prescription and dispensing of mifepristone, a medication for medical abortions, for women within nine weeks of pregnancy starting as early as the first quarter of next year. For the first two years, prescriptions will be limited to direct orders from physicians and in-hospital dispensing to ensure patient safety. This decision comes seven years after the Constitutional Court ruled that the abortion law was unconstitutional.Mifepristone is a combination therapy that blocks progesterone and induces uterine contractions with misoprostol. The World Health Organization designated it as an essential medicine in 2005. Since France first approved it in 1988, over 90 countries have legalized its use. Japan also formally approved the use of oral medications for women within nine weeks of pregnancy in 2023.Since the Constitutional Court's decision, legislative efforts have stalled, leaving a gap in the law. Although the penal provisions have lost their effect, the absence of approved medications has forced women to rely on unregulated online markets or overseas purchases, risking their health and lives. The expedited review and approval of this medication marks a turning point by curbing dangerous underground distribution and bringing women's health rights under public health protections.However, social tensions remain high. Women's groups welcome the decision but argue that the nine-week limit and in-hospital dispensing significantly restrict access, calling for health insurance coverage and the right to self-administer the medication. The medical community emphasizes the need for ultrasound diagnostics and direct physician oversight to address complications like incomplete abortions or excessive bleeding, urging for legal liability relief and safety guidelines. Religious groups express concerns about potential drug misuse and violations of fetal rights.Before the medication is available on the market, institutional improvements are necessary. Most importantly, addressing 'economic barriers' is crucial. If the medication is introduced as a non-reimbursable item, vulnerable women may again turn to underground transactions due to high costs. Efforts to include it in health insurance coverage and transparent pricing must be prioritized. The requirements for parental consent when prescribing to minors should also be carefully considered. A counseling system that provides medical and emotional support must be established to avoid leaving vulnerable youth in a support gap.Abortion is not merely a matter of debate or a political tool. It falls within the realm of a national health and welfare system that guarantees women's bodily autonomy, reproductive health, and quality of life. Hospital dispensing within nine weeks is a practical compromise to fill the seven-year gap and represents a first step forward. The government and the National Assembly must listen to the rational voices of the medical and women's communities to establish standard clinical guidelines and complete subsequent legislation. Beyond the decision to 'legalize,' it is the state's responsibility to create a universal healthcare infrastructure that allows all women to receive safe treatment without exclusion or risk. 2026-09-17 14:28:00
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Mayors of Yeosu, Suncheon, and Gwangyang Urge Swift Review for National Medical School Mayors of Yeosu, Suncheon, and Gwangyang urged the government on September 17 to expedite the follow-up review for Suncheon University, which has been selected as a candidate site for a national medical school.Yeosu Mayor Seo Young-hak, Suncheon Mayor Son Hoon-mo, and Gwangyang Mayor Park Sung-hyun convened the first extraordinary meeting of the Yeosu, Suncheon, and Gwangyang Administrative Council in Nam-gu, Gwangju, to adopt a joint statement.Prior to a meeting of the Jeonnam-Gwangju Mayors, County Heads, and District Heads Council held at the same location, they decided to deliver the joint statement to relevant government departments, the National Assembly, and the Jeonnam-Gwangju Integrated Special City.In the statement, they expressed gratitude for the fair and objective review process that led to Suncheon University being recommended as a candidate for the national medical school. They emphasized the need to respect the selection results and urged the community to unite to ensure the prompt establishment of the medical school and university hospital.They also called on the government to conduct the review for the establishment of the medical school at Suncheon University fairly and swiftly.The mayors requested that the Gwangju Special City support the seamless implementation of follow-up procedures for the establishment of the medical school and university hospital in close cooperation with Suncheon University and relevant agencies.They specifically demanded the establishment of a government-wide promotion system to ensure the timely opening of the medical school and university hospital, along with concrete administrative and financial support.They stressed that the government must take responsibility for not only recommending candidate universities but also securing sites, constructing facilities, and providing personnel and resources until the actual opening of the school and hospital.The three cities also addressed the site controversy raised by Mokpo and the western region regarding the medical school and university hospital.They noted that the selection of candidate universities was based on the same evaluation criteria and procedures applied to both Mokpo University and Suncheon University, considering the specifics and feasibility of plans regarding the location, scale, site acquisition, and potential utilization timing of educational facilities and university hospitals.The mayors emphasized that since the feasibility of site acquisition plans was included as an evaluation criterion, the overall fairness and validity of the review results should not be undermined by a single specific requirement.* This article has been translated by AI. 2026-09-17 14:24:00
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Trot Singer Suk-hyung Loses Adultery Lawsuit Trot singer Suk-hyung (47, real name Han Suk-hyung) has lost a lawsuit regarding damages filed by the wife of a married man with whom she was allegedly involved after a video of them kissing in an elevator surfaced.On September 17, the Seongnam branch of the Suwon District Court ruled partially in favor of the plaintiff, identified as A, in her lawsuit against Suk-hyung for damages related to the alleged affair.The controversy began on December 29, 2025, when JTBC's 'Incident Report' aired a video in which A claimed her husband was cohabiting with Suk-hyung. The footage showed a woman, believed to be Suk-hyung, engaging in physical affection with a man inside an elevator.In response, Suk-hyung stated, "I believed that the marital relationship was effectively over and that only legal formalities remained, so I began dating. I consider myself a victim as well." She added, "I was told that the division of assets and settlement of damages were all finalized. I have lost everything too."However, the controversy intensified, and Suk-hyung later revealed that she ended the relationship after learning that the divorce had not been agreed upon. Ultimately, she stepped down from her role on MBN's 'Current King 3.'Meanwhile, Suk-hyung is scheduled to perform on September 30 at the Arte Seoul Muse Hall in Mokdong, titled 'A Special Time with Fans, Singing Again,' marking her return to the stage after nine months.Regarding the upcoming performance, Suk-hyung expressed, "I will greet everyone through song rather than words. I will return to the stage with the same heart I had when I first started singing."* This article has been translated by AI. 2026-09-17 14:20:00
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Samsung Electronics and SK Hynix See Gains Amid U.S. Tech Stock Recovery Samsung Electronics and SK Hynix are both showing strong performance. Following a rebound in U.S. tech stocks, particularly in the semiconductor sector, buying interest has continued in South Korea's major semiconductor firms.As of 2:10 PM on September 17, Samsung Electronics was trading at 255,000 won, up 1,500 won (0.59%) from the previous trading day.Samsung started the day at 257,000 won, a 1.38% increase, and briefly rose to 259,000 won, marking a 2.17% gain. Although it later retraced some of its gains, the stock has maintained its upward trend into the afternoon.At the same time, SK Hynix was trading at 1,763,000 won, up 4,000 won (0.23%) from the previous day. SK Hynix also opened higher, reaching 1,785,000 won during the day, reflecting a 1.48% increase before reducing its gains.In the U.S. market, stocks closed lower due to the Federal Reserve's interest rate hike and hawkish comments from Fed Chair Kevin Warsh. The Dow Jones Industrial Average fell by 1.21%, while the S&P 500 and Nasdaq Composite dropped by 0.45% and 0.01%, respectively.However, late in the session, buying interest in tech stocks, particularly semiconductors, helped recover much of the losses. This trend is believed to have influenced investor sentiment towards South Korea's major semiconductor stocks.* This article has been translated by AI. 2026-09-17 14:20:00
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Gwangju Mayor Park Kwan-yeol Promises Ongoing Safety Inspections and Awareness Campaigns Gwangju Mayor Park Kwan-yeol expressed his commitment on September 17 to continue on-site safety inspections and awareness campaigns to ensure that merchants and citizens are engaged in fire prevention as the Chuseok holiday approaches.On this day, Mayor Park conducted a fire prevention safety campaign at Gyeongan Traditional Market in collaboration with relevant agencies, where they also carried out joint inspections of fire hazards and safety facilities within the market.Prior to the Chuseok holiday, Mayor Park visited the traditional market to assess fire prevention measures and the overall safety management of the area.He reiterated that 'citizen safety is the top priority.'This campaign was organized in anticipation of increased foot traffic at traditional markets during Chuseok, taking into account the high usage of electrical and gas facilities, to proactively check for fire hazards and raise safety awareness among merchants and citizens.During his visit, Mayor Park informed merchants and market visitors about the importance of fire prevention and reviewed the safety management situation.The campaign included practical fire prevention guidelines, such as shutting off electrical and gas facilities after business hours, unplugging unused electrical devices, checking the location and usage of fire extinguishers, and removing any obstructions around fire safety equipment.Following this, a joint safety inspection involving experts from various fields focused on verifying the safety of facilities and management practices at Gyeongan Traditional Market.The inspection team was divided into groups specializing in construction, electrical, gas, fire safety, and food hygiene, assessing the safety status of structures, the management of electrical systems and circuit breakers, gas explosion and fire prevention measures, and the condition of fire extinguishers and evacuation facilities.Particularly, any identified hazards during the inspection were addressed immediately on-site or communicated to relevant parties for prompt improvement, emphasizing the prevention of potential accidents.Citizens visiting the traditional market responded positively to the simultaneous fire prevention and safety inspections ahead of Chuseok.One citizen remarked, 'With many people visiting the market during the holidays, safety is paramount. It’s reassuring to have the facilities checked and to be informed of prevention measures in advance.'Mayor Park Kwan-yeol emphasized, 'We will do our utmost to ensure that citizens can enjoy a comfortable and safe holiday.'Meanwhile, Mayor Park continues to conduct safety inspections and assessments of local businesses and markets in preparation for the Chuseok holiday, aiming to promote a safe holiday experience for citizens and invigorate the local economy.* This article has been translated by AI. 2026-09-17 14:16:20
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Reform Party's Lee Gi-in Excludes Proportional Representation Nominations Lee Gi-in, the head of the Reform Party's emergency committee, announced that the party will exclude proportional representation nominations from its leadership in the upcoming general election. He also urged Cheon Hwa-ram, the party's floor leader, and Lee Joo-young, a lawmaker, to run in the Gyeonggi Southern region as a strategic base for the party. Lee made this announcement on September 17 during a press conference at the National Assembly. The key point of his reform plan is to limit proportional representation nominations for past leadership, key party officials, and candidates from the last election. As a result, those who held leadership positions or were nominated as proportional candidates in the last election must run in district elections to receive nominations from the Reform Party in the next election. "I will lead by example. I will not run as a proportional candidate for the Reform Party," Lee stated, adding that he intends to run in a district election to earn the public's support under the party's name. Regarding the party's election strategy, which reportedly faced internal disagreements, Lee proposed a 'Gyeonggi Southern strategic base' similar to the plan of former leader Lee Jun-seok. To implement this, he plans to establish a 'Gyeonggi Southern Special Committee' focusing on cities such as Hwaseong, Suwon, Yongin, Seongnam, Pyeongtaek, and Osan. While presenting this strategic plan, Lee publicly called on Cheon and Lee to run in the Gyeonggi Southern region. He also indicated that he would reject Cheon's application for the Suncheon organizational committee chair position. If the two lawmakers do not accept his request, he hinted at the possibility of exercising his authority as the emergency committee chair. Lee plans to announce further specific measures after completing the committee's formation. These announcements were made without prior discussions with former leader Lee Jun-seok or Cheon Hwa-ram. Lee emphasized, "Consulting or reporting to the former leader would only repeat the same mistakes," and expressed confidence that Cheon would agree with the direction of the reforms. Meanwhile, there has been some backlash within the Reform Party regarding the appropriateness of Lee's appointment and the reform leadership. Former Secretary General Kim Cheol-keun criticized Cheon for the appointment of the emergency committee chair without discussion with the former leader. Concerns have also been raised about whether it is appropriate for the leadership to lead reforms ahead of the June 3 local elections.* This article has been translated by AI. 2026-09-17 14:16:10
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SK Biopharm Shares Rise 2% Following Parkinson's Drug Licensing Agreement SK Biopharm's shares rose by 2.05% to 79,800 won following news of its acquisition of a Parkinson's disease drug candidate for further development. According to the Korea Exchange, the stock price increased by 1,600 won on the day of the announcement. The rise in share price is attributed to the licensing agreement for the Parkinson's drug candidate announced that day. SK Biopharm disclosed that it has signed a licensing agreement with domestic biotech firm First Bio Therapeutics for the global exclusive rights to a dual inhibitor, c-Abl/LRRK2, currently under development as a treatment for Parkinson's disease. This agreement is a 'license in' contract, meaning SK Biopharm is purchasing the rights to the drug candidate from First Bio Therapeutics, rather than a technology transfer agreement where SK Biopharm would receive payment for technology. The contract is valued at up to 430.758 billion won. However, SK Biopharm will not pay the entire amount upfront. Initially, within 30 business days from the contract signing date, SK Biopharm will pay a non-refundable deposit of 2.5 billion won to First Bio Therapeutics. Subsequently, if both companies meet agreed-upon conditions during the research, development, and commercialization phases, SK Biopharm will make additional payments of up to 72.5 billion won. After the product launch, if certain net sales targets are achieved, SK Biopharm will pay milestone fees of up to 355.758 billion won (approximately $260 million). Additionally, once product sales commence, SK Biopharm will pay ongoing royalties based on net sales. Thus, of the maximum contract value of 430.758 billion won, the only confirmed payment at this time is the deposit of 2.5 billion won. The remaining 428.258 billion won will depend on future research, development, commercialization, and sales target achievements. * This article has been translated by AI. 2026-09-17 14:16:00