What are the figures for the Korean pharma industry?
The value of pharmaceuticals produced in Korea has grown throughout recent years, rising from around 13.8 billion South Korean won in 2012 to roughly 25.6 million won in 2022. This growth corresponds to the increased production of both over-the-counter (OTC) and prescription drugs; the latter has consistently accounted for over 80 percent of the production value. The vast majority of pharmaceutical distributors are pharmacies, of which there are over 24.3 thousand across the country, representing about 83 percent of all distributors.
In international trade, pharmaceutical exports exceeded eight billion U.S. dollars in 2022. While this was still a marked improvement compared to ten years earlier, it was also a significant decrease compared to the pandemic years of 2020 and 2021. The Korean pharmaceutical industry was very active in providing various medical supplies related to the coronavirus (COVID-19) pandemic, with testing kits being the most prominent example. Pharmaceutical imports showed a similar pattern. While there was a considerable difference between exports and imports throughout the past decade, this gap has been slowly closing as exports continuously experienced stable growth.
Who are the key players in the Korean pharma industry?
In 2022, Moderna's Korean branch broke Celltrion's streak of being the leading pharmaceutical manufacturer in South Korea as of 2021, with a production value of around 1.3 trillion South Korean won. With Celltrion now a close second, Hanmi Pharmaceutical and Chong Kun Dang rounded out the companies with a production value exceeding one trillion won each. In terms of sales revenue however, Yuhan continued to lead in 2023, with Chong Kun Dang and Hanmi also among the most successful pharmaceutical companies in South Korea that year.
