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Contrast medium market shrank last year
  • By Nam Doo-hyun
  • Published 2018.01.24 15:14
  • Updated 2018.01.24 15:14
  • comments 0

Sales of contrast medium products went down in the domestic market last year, contrary to analysts’ rosy forecasts based on population aging, government data showed Wednesday.

Physicians use contrast media, or contrast agents, to check contrasted structures or blood vessels in the body in computed tomography (CT) or magnetic resonance imaging (MRI) scans.

According to data from the Health Insurance Review & Assessment Service (HIRA), accumulated prescription sales of contrast medium products declined by 1.8 billion won ($1.69 million) to 271 billion won ($254.7 million) in the first three quarters of last year, compared with 272.8 billion won a year earlier.

In 2016, too, the annual sales of contrast agents fell to 303.69 billion won, down by 31.34 billion won from 2015.

Contrast media used to sell well between 2013 and 2015. The prescription sales of contrast media marked 321.2 billion won in 2013, 318.6 billion won in 2014, and 335 billion won in 2015.

Industry officials attribute the recent sales decline to the regulator’s removal of contrast agents from “the list of protected low-priced drugs.” The health authorities select a list of particular drugs to protect their prices from falling.

After the Ministry of Health and Welfare’s decision to exclude contrast media from the list in 2016, contrast agent sellers worried that the price of their products might fall. They also claimed that they had difficulty in selling their products due to low margins.

However, analysts still predict that contrast medium market will expand in the future, with increased health checks amid aging.

Also, some local companies aim to grab a larger share in the contrast medium market.

FutureChem, a developer of diagnostic contrast medium, is seeking approval for Alzavue to detect Alzheimer’s disease. The company has also embarked working on a contrast agent to diagnose prostate cancer.

“The local diagnostic contrast medium market is divided for cancer, Parkinson’s disease, and Alzheimer’s disease. Currently, products by multinational firms such as GE Healthcare are leading the market,” said Koo Wan-seong, an analyst at NH Investment & Securities. “FutureChem plans to target the global market, including the U.S. and China, with its competitive edge in low price, as its products are 40-50 percent lower than those by multinational firms.”

Bayer Korea, GE Healthcare, Dongkook Pharmaceutical, and Taejoon Pharmaceutical are key players in the local contrast agent market.

hwz@docdocdoc.co.kr

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