Pharmaceuticals market size South Korea 2012-2022
In 2022, the market size of the pharmaceutical industry in South Korea amounted to approximately 29.9 trillion South Korean won. This represents an increase from around 25.4 trillion won in the previous year and the market size has generally been increasing since 2012.
Pharmaceuticals in Korea
Many Korean pharmaceutical companies are manufacture high-quality products, with leading companies including Moderna Korea, Celltrion, Hanmi Pharmaceutical, and others. Moderna Korea recorded a production value of around 1.3 trillion won in 2022. Cardiovascular system drugs made up the leading therapeutic sector for Korean drugs, with a production value of over 3.7 trillion won. Central nervous system drugs came in second, followed by digestive and other metabolic drugs.
COVID-19 and Korean Pharmaceutical
Like many others, the Korean pharmaceutical industry was affected by the coronavirus (COVID-19) pandemic. In the first half of 2020, Celltrion saw its revenue grow by 93.1 percent compared to the same period in the previous year. This was thanks to Celltrion’s COVID-19 antibody treatments, and led to the company having the largest revenue among Korean pharmaceuticals at the time. Pharmaceutical exports rose sharply in March 2020, as the coronavirus pandemic spread around the globe, nearly 700 million U.S. dollars’ worth. This was approximately 1.5 times more than the previous month’s export value.
Pharmaceuticals in Korea
Many Korean pharmaceutical companies are manufacture high-quality products, with leading companies including Moderna Korea, Celltrion, Hanmi Pharmaceutical, and others. Moderna Korea recorded a production value of around 1.3 trillion won in 2022. Cardiovascular system drugs made up the leading therapeutic sector for Korean drugs, with a production value of over 3.7 trillion won. Central nervous system drugs came in second, followed by digestive and other metabolic drugs.
COVID-19 and Korean Pharmaceutical
Like many others, the Korean pharmaceutical industry was affected by the coronavirus (COVID-19) pandemic. In the first half of 2020, Celltrion saw its revenue grow by 93.1 percent compared to the same period in the previous year. This was thanks to Celltrion’s COVID-19 antibody treatments, and led to the company having the largest revenue among Korean pharmaceuticals at the time. Pharmaceutical exports rose sharply in March 2020, as the coronavirus pandemic spread around the globe, nearly 700 million U.S. dollars’ worth. This was approximately 1.5 times more than the previous month’s export value.
