The Korea Food and Drug Administration has approved a leukemia drug invented by Korea’s Il-yang Pharmaceutical Company.

The drug named "Supect" is Asia’s first approved leukemia drug. Il-yang says Supect is effective, reasonably priced and ready to penetrate the Asian market and advance to the global pharmaceutical market.

The pharmaceutical company says the five-billion-dollar global leukemia drug market has been dominated by multinational pharmaceuticals. It says since Asia accounts for 60 percent of the market, Supect is expected to set a new standard in the region in a short period of time, backed by its relatively low prices.

Over 300 Koreans develop leukemia every year, incurring 100 billion won in health insurance costs. Until now, the domestic market of leukemia medication was dominated by multinational firms.