April 25, 2024

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[THE INVESTOR] Prosecutors raided the headquarters of LG Life Sciences on Jan. 4 over allegations the South Korean pharmaceutical firm lobbied public health care officials for fixing the price of its prescription drugs.

The Busan Eastern District Prosecutors’ Office raided LG Life Sciences, now merged with LG Chem, over alleged lobbying of officials at Health Insurance Review and Assessment Service to increase sales.

The investigators confiscated documents containing drug transactions and account books at the company’s headquarters in Gwanghwamun.

The seizure follows a raid on another drug company, Huons, sparking allegations that an investigation into a big scandal in the medical sector is under way.

“We are investigating allegations of irregularities in the medical industry including rebates. We can’t confirm specific charges,” an official at the prosecutors’ office said.

By Park Han-na (hnpark@heraldcorp.com)