By now, you’ve probably heard that there’s a lot of interest in the antifungal market, and that the first-line anti-cancer drugs are sold by pharmacies in foreign countries, like South Korea and China.
We’ve been there, too.
In the last year, Korea’s national drug supply chain has been rocked by the release of several generic drugs by companies like Teva Pharmaceuticals, which recently raised $2 billion from Sequoia Capital.
And this past weekend, the Korean government also issued an ultimatum to all companies selling generic antifuginoids: Sell them in Korea or face prosecution.
For many people in Korea, the threat of prosecution has never been more relevant.
According to Korea’s Ministry of Health and Welfare, over the past year, a total of 30 drug companies have been arrested on suspicion of distributing counterfeit antifunginoids, according to The Korea Times.
The government has already cracked down on generic manufacturers, and the country’s Drug Enforcement Administration has also been cracking down on pharmaceutical companies for their involvement in counterfeit antiffungal drugs.
Now, Korea is in a situation that has nothing to do with drugs, and everything to do specifically with the herbal medicine business.
“We can’t sell it in China, Korea, or anywhere else, because if they see it they’ll prosecute us,” said one herbal medicine salesman.
As a result, the herbal supplement market has become increasingly fragmented, and there are no easy solutions to the problem.
Korea has a growing number of herbal medicine shops, and those that exist are not regulated by the country.
Some local herbal medicine companies even refuse to accept foreign shipments.
When we tried to contact them, they told us that we must have “fake” product in order to receive the medicine.
This is a dangerous situation, as most Korean herbal medicine manufacturers are already on the dark side of the law.
I recently met a herbal medicine company manager in Seoul who said that the herbal medicines they make are already sold overseas, but that she cannot take any more foreign shipments because the authorities are watching her every move.
These herbal medicines are not only made in Korea; they are also sold by Chinese and Korean companies, and even the Korean authorities have stopped sending foreign shipments to them.
Many Korean herbal medicines makers, like Kukkyung, have been forced to shut down their businesses.
It’s a sad reality that, as a result of the Chinese government’s crackdown on the herbal products industry, the market for Korean herbal drugs is now shrinking.
So the next time you see a big box of herbal medicines and hear the name Kukgyung on the corner, you might want to get a copy of The Korea Daily for your safety.
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