South Korea is one of the leading pharmaceutical exporters within the Asia-Pacific region (APAC). In 2022, it achieved an
of around 8.1 billion U.S. dollars, with the United States being the biggest export partner. The country also
, at a value of about 575 U.S. dollars per capita. A combination of an aging and generally health-conscious population alongside having universal healthcare has led to South Korea having one of the highest
. With pharmaceutical drugs in high demand, the country has had an active production sector as well as a healthy trade sector, both of which have played big roles in the global production and export of COVID-19 testing kits and vaccines.
Domestic pharmaceutical use
In 2022, roughly 1,243 defined daily doses (DDD) per 1,000 people per day of
pharmaceutical drugs were consumed in South Korea. This represents an almost 26 percent increase since before the start of the pandemic in 2019. A similar phenomenon can be observed in overall
pharmaceutical spending which stood at about 738 dollars per capita in 2022, though it was expected to fall thereafter. In the same year, the
most consumed type of drug that year was for the alimentary tract and metabolism. Health supplements, usually available over-the-counter (OTC) were also common, with most South Korean households purchasing health supplements.
Domestic pharmaceutical production
The majority of pharmaceutical drugs produced in South Korea were prescription drugs, while the rest were designated as OTC medication. The
production value of pharmaceuticals has been on the rise, having increased by around 86 percent over the past decade. Moderna‘s COVID-19 vaccine, now known as Spikevax, was the
most produced pharmaceutical in South Korea in 2022. While its Korean branch was the biggest producer that year, it was not among the
most successful pharmaceutical companies in terms of revenue the following year. The most produced non-COVID-related pharmaceutical was the anti-inflammatory Remsima injection.
South Korea’s pharmaceutical sector in good standing
South Korea’s reputable yet increasingly taxed healthcare industry depends on a robust
pharmaceutical sector. As domestic and international demand has increased, the country has further proven to be a valuable global pharmaceutical producer for specialized products. Overall, it seems that South Korea’s pharmaceutical sector as well as its healthcare industry at large are in good standing on the global stage.
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Due to varying update cycles, statistics can display more up-to-date
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