People take pictures on a sunny day at Sageunjin Beach in Gangneung, Gangwon, on June 23.YONHAP
Happy Tuesday! Here are the stories you need to know in Korea.
In today's stories, cases of weight-loss drugs being smuggled into Korea are rising as prices remain high domestically in comparison to overseas. Fans and experts are debating what the new Best Asian Pop Performance category at the Grammys means for K-pop artists. And smartphone makers are expected to raise prices for their new models amid higher memory and component costs.
Why are people trying to smuggle in weight-loss drugs? The smuggling of glucagon-like peptide-1 receptor agonists, otherwise known as GLP-1 drugs, has stepped up lately as Koreans seek relief from high prices domestically. The trend has caused the coining of terms such as "Sushi-jaro" and "India-jaro," referring to the weight-loss drug Mounjaro and countries where prices are lower than Korea.
How expensive are weight-loss drugs in Korea? A four-week supply of the introductory dose of Mounjaro costs 290,000 won ($188) at some of the cheapest clinics in Seoul, while in Japan the same amount costs about 74,000 won. The price difference stems from how the drugs are classified in Japan, where they are included in the country's national health insurance pricing framework as a treatment for diabetes.
How often are the drugs being smuggled into Korea? From January to May this year, the Korea Customs Agency detected 289 smuggling cases at Incheon International Airport, a sharp increase from the 86 cases logged between September and December last year. The number of cases detected via postal services has almost tripled, reaching 2,940 between January and May.
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Fans, experts debate over how award could affect int'l artists
What does the new Grammy category mean for BTS and other acts? On June 16, the Grammys announced that it would be adding five new categories to its list of awards, one of them being Best Asian Pop Music Performance. With BTS standing as one of Asia's top acts, some see the category as offering a clearer path for the group to receive the coveted award. However, others say that the category may be keeping Asian acts away from the other, perhaps, more prominent categories.
Improving the chances for K-pop Introducing a category for Asian music hugely improves the likelihood of K-pop acts being recognized by the Grammys. The organization has recognized the contribution of Asian music, and created the category as part of “its ongoing commitment to reflecting today’s dynamic musical landscape.”
Exclusionary? Critics of the move say that the category is exclusionary, with one Reddit user commenting that the Grammys doesn't "view them [Asian artists] as equal enough to actually [pit] them against Western artists." Korean pop culture critic Kim Hern-sik echoed this sentiment. “This looks like an attempt to separate [Asian music] into its own category and prevent it from gaining ground through sheer numbers,” Kim said.
Why should we expect higher prices for new phones? With both Samsung and Apple set to unveil new phone models in fall this year, industry observers are expecting higher price tags amid soaring memory costs. Prices for memory and components have increased of late, with random access memory costs expected to rise by 98 percent in the second quarter in comparison to the first.
How expensive are we thinking? Industry sources predict that the Samsung Galaxy Flip 8 could be priced around $1,200, while the Galaxy Fold 8 Ultra could hit around $2,100. For reference, the previous Flip and Fold were priced at around 1.48 million won and 2.38 million won at launch, respectively. Over at Apple, the iPhone 18 Pro is expected to be priced at $1,299 — a $200 jump from the previous model.
'Unavoidable' In the words of Apple CEO Tim Cook, the "price increases are unavoidable." Component prices seem to be forcing the hand of smartphone companies in terms of costs. However, many are trying to be careful not to scare off their customers. "Companies are caught in a dilemma," an industry source said. "If they raise prices, demand falls. If they absorb the higher costs, profits disappear. The industry is facing one of the most complex balancing acts it has ever seen."
