[하파크리스틴 매각]③ 혁신과 위법 사이…리스크 된 '온라인 픽업'

The Hapakristin acquisition highlights a critical tension between digital innovation and healthcare regulation in Korea. The company's KRW 1.5-2 trillion valuation is entirely contingent on the legal viability of its 'Winq' O2O pickup service, with the Supreme Prosecutor's Office's final decision—expected this summer—becoming a decisive factor for the deal. Should regulatory approval materialize, competitors are poised to rapidly replicate the model, potentially eroding the platform premium that currently supports the valuation.