Pfizer tops global mkt…Samsung Biologics tops Korean mkt

in sales in the pharmaceutical industry

KHIDI publishes 2023 Health Industry Statistics

Sales of Korea’s pharmaceutical industry sales amounted to KRW 37.69 trillion

In 2022, global pharmaceutical giant Pfizer and Korean pharmaceutical giant Samsung Biologics took the top spots in terms of sales, earning KRW 91 billion and KRW 2.437 trillion, respectively.

 

in 2022, according to a new report released by the Korea Health Industry Development Institute, According to the '2023 Health Industry Statistics' recently published by the Korea Health Industry Promotion Institue, sales in the domestic pharmaceutical industry totaled at KRW 37.69 trillion in 2022, up 12.8% year-on-year from KRW 33.42 trillion in the previous year.

 

On the other hand, R&D expenditures the companies invested company granted for each employee totaled at KRW 314.9 billion in the same year, up a mere 6.4% year-on-year.

 

When looking at the sales of the 'Big 5' companies, Pfizer brought in over KRW 91 billion in global pharmaceutical sales and ranked first, followed by AbbVie's KRW 56 billion, then Johnson & Jones, Novartis, and Merck's earnings of KRW 50 billion each.

 

Domestic pharmaceutical companies surpassed the 'KRW 1 trillion club' threshold, with Samsung Biologics posting sales of KRW 2.437 trillion, Celltrion Pharm KRW 1.937 trillion, Yuhan Corp KRW 1.7264 trillion, Chong Kun Dang KRW 1.4723 trillion, and GC Biopharma KRW 1.2449 trillion.

 

In terms of the overall domestic pharmaceutical industry market size, in 2022, the global pharmaceutical industry was valued at USD 1.357 trillion and the domestic pharmaceutical industry was valued at USD 22 billion (KRW 28.905 trillion), showing a -7% difference compared to 2021.

 

The slowdown in growth is expected to continue until 2023.

 

According to the statistics compiled by KHIDI, the global pharmaceutical industry, which has been showing -3% growth ($139.2 billion in the global market and KRW 21 billion in the Korean market) by 2023, will recover its sales from this year and increase market size by 8.3% to reach USD 1.478 trillion and KRW 26 billion, respectively.

 

The top 10 countries in the global pharmaceutical industry in 2022 were the United States with 30.7% (KRW 416 billion), China with 14.4% (USD 196 billion), and Japan with 6.9% ($93 billion), and KHIDI recorded 1.6% ($22 billion), ranking 12th in the world.

 

In 2022, Korea exported $8.083 billion worth of drugs and imported $8.795 billion, with exports going to the U.S.

 

grossing USD 986 million, Japan at USD 772 million, and Germany at USD 773.6 million.

 

In terms of domestic imports, Germany accounted for the most at $1.578 billion, followed by the United States’ USD 1.154 billion and China’s KRW 957 million.

 

Meanwhile, in 2022, a total of 619 domestic drug manufacturers produced a total of 28.953 trillion won (KRW 25.572 trillion from finished drugs and KRW 3.379 trillion in raw materials.) In the domestic pharmaceutical industry, 788.85 people, with 61.4% of them working at workplaces with 300 or more employees.