Kolon Life’s innovative drug company status likely to be revoked - (The Investor via NewsPoints Desk)

  • South Korea’s Health Ministry said Wednesday that it is considering revoking Kolon Life Science’s innovative drug company certification for mislabelling and falsely reporting ingredients in its gene therapy Invossa, as reported The Investor.

  • According to the ministry, a key material used in Invossa came from a kidney cell instead of from cartilage as stated in the document submitted for approval.

  • The authorities have reportedly taken steps to retrieve the 8.2 billion won ($7 million) Kolon Life received from the government when it gained the innovative pharmaceutical company designation in 2015.

  • Of the total, the government aims to get back 2.5 billion won from the company initially, with the remainder to be decided following the ongoing investigations by prosecutors.

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