In a new announcement by the South Korean government, Canada and Australia will be added to the nation’s list of countries it uses as references for drug pricing purposes. Previously, the group of countries used for price-setting includes seven nations. The addition puts Canada and Australia into the cluster, which includes the UK, Germany, Japan, France, Italy, the US, and Switzerland
According to Lee Han-soo, “With this revision, the foreign average drug price calculation method will also change by reflecting the exchange rate, value-added tax, and the scope of distributions, in addition to the ex-factory shipment price in each of the nine foreign countries.In the calculation, any decimal denominations will be removed.”
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(Source: Korean Biomedical Review, November 24th, 2022)