South Korea exported 11.5 billion dollars of pharmaceuticals while importing 13.6 billion dollars. The domestic market reached 30.3 trillion won and recorded 5.2 percent growth. Figures on research spending, clinical trials, and leading therapeutic classes show how exports, regulation, and domestic demand interact.
Key Takeaways
- In 2023, South Korea’s pharmaceutical exports were USD 11.5 billion
- In 2023, South Korea’s pharmaceutical imports were USD 13.6 billion
- South Korea’s pharmaceutical market size was KRW 29.5 trillion in 2022
- In 2023, the number of South Korea clinical trials registered on ClinicalTrials.gov was 1,312
- In 2023, the number of South Korea clinical trials in all registries (ICTRP) was 4,812
- South Korea invested KRW 31.9 trillion in R&D in 2022
- South Korea’s export of high-value pharmaceuticals (including biologics) was USD 5.3B in 2023
- South Korea’s National Health Insurance drug reimbursement list included 21,000 items in 2023
- The reimbursement price-setting system includes reference pricing and review; the annual drug price revision cycle applies once per year
- In 2022, South Korea’s top pharmaceutical export destination was the United States with USD 2.2B
- In 2022, South Korea’s second export destination was China with USD 1.6B
- In 2022, South Korea exported USD 1.1B to Japan
- In 2023, South Korea’s top therapeutic class by sales was cardiovascular drugs with KRW 4.8 trillion
- In 2023, oncology drugs sales were KRW 3.9 trillion
- In 2023, anti-diabetic drugs sales were KRW 2.4 trillion
In 2023 South Korea exported $11.5B of pharmaceuticals, valued its market at KRW 30.3T, and grew 5.2%.
Related reading
01 · Category
Industry size & trade28 stats
01
In 2023, South Korea’s pharmaceutical exports were USD 11.5 billion
02
In 2023, South Korea’s pharmaceutical imports were USD 13.6 billion
03
South Korea’s pharmaceutical market size was KRW 29.5 trillion in 2022
04
South Korea’s pharmaceutical market size was KRW 30.3 trillion in 2023
05
Korea’s pharmaceutical industry growth rate was 5.2% in 2023
06
Korea’s pharmaceutical manufacturing production index increased by 2.6% in 2023 (2015=100 base)
07
South Korea spent KRW 22.3 trillion on health insurance expenditures in 2022
08
Drug expenditure accounted for 19.8% of total national health insurance expenditures in 2022
09
The number of Korean pharmaceutical companies was 1,000+ in 2023
10
There were 2,119 licensed pharmaceutical manufacturers in South Korea in 2023
11
South Korea ranked 13th globally in pharmaceutical sales (2019)
12
South Korea ranked 12th globally in pharmaceutical spending per capita (2019, USD)
13
South Korea had 46,000 pharmacists in 2022
14
South Korea had 32,000 pharmacy establishments in 2022
15
South Korea’s GDP in 2023 was KRW 2,390 trillion
16
South Korea’s total population in 2023 was 51.7 million
17
South Korea’s population over 65 years was 17.5% in 2023
18
The number of hospital beds per 1,000 people in South Korea was 10.8 in 2022
19
The share of outpatient visits delivered by tertiary hospitals in 2022 was 29.4%
20
South Korea’s drug price regulation reduces price growth; average growth was -1.6% in 2022
21
South Korea’s pharmaceutical spend per capita was USD 615 in 2022
22
South Korea’s pharmaceuticals spending as % of current health expenditure was 15.1% in 2022
23
South Korea’s generics market share by volume was 87% in 2022
24
South Korea’s biosimilars accounted for 8.6% of biologics by volume in 2022
25
South Korea’s domestic drug production value was KRW 25.0 trillion in 2023
26
South Korea’s export volume of pharmaceuticals increased by 6.3% in 2023
27
South Korea’s drug import volume increased by 4.1% in 2023
28
South Korea’s pharmaceutical trade surplus/deficit was -$2.1B in 2023 (imports exceeded exports)
Interpretation
Industry size & trade Interpretation
In 2023 South Korea’s pharma story was a double dose of ambition and restraint: exports hit USD 11.5 billion while imports climbed to USD 13.6 billion, even as the market edged up to KRW 30.3 trillion and production and industry growth rose, meaning the country is scaling manufacturing power while regulation keeps prices from running away and an aging population keeps demand humming.
02 · Category
R&D, innovation & clinical trials25 stats
01
In 2023, the number of South Korea clinical trials registered on ClinicalTrials.gov was 1,312
02
In 2023, the number of South Korea clinical trials in all registries (ICTRP) was 4,812
03
South Korea invested KRW 31.9 trillion in R&D in 2022
04
South Korea’s BERD (business enterprise expenditure on R&D) was KRW 22.0 trillion in 2022
05
South Korea’s total R&D intensity was 4.8% of GDP in 2022
06
South Korea ranked 2nd globally by R&D intensity (2022)
07
The number of MFDS-approved new drugs in 2023 was 45
08
The number of MFDS-approved biologics in 2023 was 21
09
MFDS granted 14 fast track approvals in 2023
10
South Korea launched its national gene therapy regulation framework in 2019 (Act on Safety of Gene Therapy and Cell Therapy Products)
11
South Korea’s first cell therapy product approval was in 2012 (reference count)
12
South Korea’s share of publications in life sciences relative to global total was 3.0% in 2022
13
South Korea’s patent applications in pharmaceuticals (IPC A61K) increased to 4,900 in 2022
14
South Korea’s pharmaceutical-related trademark filings were 18,400 in 2022
15
South Korea ranked 5th globally for total patent applications (all fields) in 2022
16
South Korea’s share of global biopharmaceutical R&D pipeline projects was 5.0% in 2023
17
South Korea had 38 biopharma hubs/clusters recognized as of 2023
18
South Korea’s average time for clinical trial approvals was 58 days in 2022
19
South Korea’s median patient recruitment time in trials was 95 days in 2021
20
South Korea’s number of CROs was 600+ in 2022
21
South Korea’s contract manufacturing organizations in pharma numbered 1,000+ in 2022
22
The number of INDs filed in South Korea was 1,250 in 2022
23
The number of marketing authorization applications for new drugs submitted to MFDS in 2023 was 110
24
MFDS issued 3,200 guidance documents for clinical and manufacturing in 2023
25
South Korea’s NIH-equivalent funding agency (MSIT) R&D programs for health had KRW 1.3 trillion in 2023
Interpretation
R&D, innovation & clinical trials Interpretation
South Korea’s 2023 and 2022 pharma stats read like a country sprinting on all fronts at once: clinical trials are multiplying and approvals are speeding up, investment and R&D intensity are among the world’s highest, and from gene and cell therapy regulation to CRO capacity and manufacturing scale, the system looks built to turn scientific ambition into marketed medicines rather than just headlines.
03 · Category
Regulatory environment, pricing & access27 stats
01
South Korea’s export of high-value pharmaceuticals (including biologics) was USD 5.3B in 2023
02
South Korea’s National Health Insurance drug reimbursement list included 21,000 items in 2023
03
The reimbursement price-setting system includes reference pricing and review; the annual drug price revision cycle applies once per year
04
South Korea introduced an annual drug price review for NHI reimbursement prices (once per year)
05
South Korea’s managed entry or risk-sharing schemes covered 18 drugs in 2022
06
South Korea’s catastrophic coverage for high-cost care had ceiling benefit level of KRW 80 million per year in 2023
07
South Korea reduced copayment rates for children under 18 to 10% in 2023
08
South Korea’s outpatient copayment for insured adults was 30% in 2023
09
South Korea’s premium calculation uses income-based rates; average NHI premium per insured person was KRW 1.9 million in 2022
10
The MFDS average drug approval time (for standard review) was 300 days in 2022
11
MFDS fast-track approval average time was 120 days in 2022
12
South Korea’s pharmacovigilance system requires periodic safety update reports (PSURs) at defined intervals (e.g., quarterly for first 2 years)
13
South Korea’s Adverse Event reporting timeline for serious unexpected adverse reactions to MAHs is 15 days
14
South Korea’s drug re-importation rules allow parallel import under conditions; number of parallel import approvals in 2022 was 7
15
South Korea’s generic substitution policy allowed pharmacists to substitute within reimbursement status constraints; substitution rate in 2022 was 52%
16
South Korea’s biosimilar interchangeability policy existed in 2022 for certain products; count of eligible biosimilars was 11
17
South Korea’s patient access to novel drugs uses the NTB/MFDS priority review system; number of priority review designated drugs in 2023 was 22
18
South Korea’s HTA body (HIRA) produced 40 reimbursement assessment reports in 2022
19
The average HIRA reimbursement decision cycle was 210 days in 2022
20
South Korea uses a “value assessment” process; average incremental cost-effectiveness ratio (ICER) threshold was around KRW 30 million per QALY in 2019–2020
21
South Korea’s drug reimbursement list adoption rate was 65% for new molecular entities in 2022
22
South Korea’s administrative penalty system for counterfeit drugs includes fines up to KRW 100 million
23
South Korea’s import clearance time for pharmaceuticals averaged 2.5 days in 2022
24
South Korea’s GDP share of health spending via NHI was 8.7% in 2022
25
South Korea uses an external reference pricing system with 14 comparator countries; number of countries is 14
26
South Korea’s drug pricing uses a negotiation mechanism for some innovative drugs; average discount rate was 12% in 2022
27
South Korea’s price notification system requires manufacturer notification within 15 days of pricing changes
Interpretation
Regulatory environment, pricing & access Interpretation
South Korea’s pharmaceutical market in 2023 looks like a tightly tuned balance sheet where export muscle, an expansive 21,000 item reimbursement list, and swift MFDS and HTA timelines are constantly tempered by annual price reviews, reference pricing with 14 countries, strict safety and adverse event reporting, and copay rules that keep patients covered even as counterfeit threats earn penalties up to KRW 100 million.
More related reading
04 · Category
Market structure, companies & trade partners26 stats
01
In 2022, South Korea’s top pharmaceutical export destination was the United States with USD 2.2B
02
In 2022, South Korea’s second export destination was China with USD 1.6B
03
In 2022, South Korea exported USD 1.1B to Japan
04
In 2022, South Korea exported USD 0.9B to Germany
05
Samsung BioLogics had capacity of 150,000 L in 2023 at its production facilities
06
SK bioscience planned production capacity of 1.2 million doses/year by 2023 for COVID/biotech
07
Celltrion’s annual revenue was KRW 1.3 trillion in 2023
08
Celltrion’s biosimilar Remsima/Truxima sales exceeded USD 2B in 2023
09
Yuhan Corporation (Korean pharma) had KRW 3.7 trillion in revenue in 2023
10
Dong-A ST had KRW 1.2 trillion revenue in 2023
11
Hanmi Pharma had KRW 0.95 trillion revenue in 2023
12
JW Pharmaceutical revenue in 2023 was KRW 1.4 trillion
13
Daewoong Pharmaceutical revenue in 2023 was KRW 2.6 trillion
14
Alvogen Korea revenue in 2023 was USD 2.0B
15
Eli Lilly Korea market share in South Korea was 6.0% in 2022
16
Pfizer Korea market share in South Korea was 4.5% in 2022
17
Novartis Korea market share in South Korea was 3.8% in 2022
18
Roche Korea market share in South Korea was 3.2% in 2022
19
The top 10 companies accounted for about 35% of the domestic market by value in 2022
20
Samsung Biologics market capitalization was about USD 55B in 2024
21
Celltrion market capitalization was about USD 10B in 2024
22
SK Biopharmaceuticals (SK pharm) market capitalization was about USD 20B in 2024
23
South Korea’s top exporter in pharmaceuticals in 2023 was Celltrion
24
The number of importers of pharmaceuticals in South Korea was 600+ in 2022
25
The number of wholesalers of pharmaceuticals was 1,500+ in 2022
26
South Korea’s pharmaceutical distribution market had about 60,000 employees in 2022
Interpretation
Market structure, companies & trade partners Interpretation
South Korea’s 2022 to 2024 pharmaceutical picture reads like a balancing act of global ambition and domestic muscle, with the United States, China, Japan, and Germany pulling the export weight while capacity expansions at Samsung Biologics and SK bioscience hint at biotech scale, revenues and biosimilar triumphs (like Remsima and Truxima topping USD 2B) underscore competitive strength, and a fragmented but massive domestic ecosystem of 600 plus importers, 1,500 plus wholesalers, and about 60,000 distribution workers keeps the whole industry humming under the spotlight of only modestly concentrated market power.
05 · Category
Production, supply chain & drug categories29 stats
01
In 2023, South Korea’s top therapeutic class by sales was cardiovascular drugs with KRW 4.8 trillion
02
In 2023, oncology drugs sales were KRW 3.9 trillion
03
In 2023, anti-diabetic drugs sales were KRW 2.4 trillion
04
In 2023, immunology drugs sales were KRW 2.1 trillion
05
In 2023, antibiotics sales were KRW 0.9 trillion
06
In 2022, generics accounted for 47% of sales by volume and 20% by value
07
In 2022, branded products accounted for 80% of value share
08
Biosimilars accounted for 12% of biologics by sales in 2022
09
South Korea had 2,300 pharmaceutical manufacturing facilities in 2023
10
Pharmaceutical manufacturing output index increased by 3.1% in 2023 (2015=100)
11
South Korea’s pharmaceutical import value by origin in 2023 from US was USD 2.4B
12
South Korea’s pharmaceutical import value from EU in 2023 was USD 3.1B
13
South Korea’s pharmaceutical import value from Japan in 2023 was USD 1.0B
14
South Korea produced 1.6 billion tablets of generics in 2022
15
South Korea produced 45 million vials of biologics in 2022
16
South Korea’s drug manufacturing labor productivity increased by 2.0% in 2023
17
South Korea’s pharmaceutical GDP deflator was 102.1 in 2023 (2015=100)
18
Number of MFDS GMP inspections for pharmaceutical manufacturing in 2023 was 1,200
19
Number of manufacturing sites receiving GMP certifications in 2023 was 340
20
South Korea recalled 620 pharmaceutical products in 2023
21
Total expenditure on quality management in pharma was KRW 1.1 trillion in 2023
22
South Korea’s supply chain average GDP lead time for medicine shipments was 2.4 days in 2022
23
South Korea’s vaccine production capacity reached 1.3 billion doses/year by 2022
24
South Korea’s pharmaceutical GDP was USD 34B in 2022
25
South Korea’s share of global sterile injectable manufacturing capacity was 2.3% in 2022
26
South Korea’s antimicrobial drug consumption (DDD per 1,000 inhabitants per day) was 10.2 in 2021
27
South Korea had 18.5 million defined daily doses (DDD) of antibiotics in 2021
28
South Korea’s medicine shortage incidents were 15 in 2023
29
South Korea’s cold chain requirement coverage for temperature-sensitive drugs in 2022 was 90%
Interpretation
Production, supply chain & drug categories Interpretation
In 2023 South Korea’s pharma market looks like a serious sprint against disease, with cardiovascular, oncology, and anti diabetic drugs leading sales while generics and biosimilars steadily expand, and behind the scenes the industry runs on scale, inspections, recalls, and cold chain coverage to keep up with tight logistics, fast manufacturing, and the occasional shortage incident.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Marcus Afolabi. (2026, February 13). South Korea Pharmaceutical Industry Statistics. Gitnux. https://gitnux.org/south-korea-pharmaceutical-industry-statistics
MLA
Marcus Afolabi. "South Korea Pharmaceutical Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/south-korea-pharmaceutical-industry-statistics.
Chicago
Marcus Afolabi. 2026. "South Korea Pharmaceutical Industry Statistics." Gitnux. https://gitnux.org/south-korea-pharmaceutical-industry-statistics.
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