"Domestic Pharmaceutical Market Size Surpasses 25 Trillion Won Last Year... 120,000 Workers Employed"

Publication of Korea Pharmaceutical Bio Association Data Book
Leading Creation of 95% Regular Jobs
Record High in Global Pharmaceutical Market

Korea Pharmaceutical and Bio-Pharma Manufacturers Association '2022 Pharmaceutical and Bio-Pharma Industry DATABOOK'

[Asia Economy Reporter Lee Gwan-joo] Last year, the domestic pharmaceutical market size exceeded 25 trillion won, and it was revealed that over 120,000 people were employed, leading job creation.

The Korea Pharmaceutical and Bio-Pharma Manufacturers Association announced on the 22nd that it published the '2022 Pharmaceutical Industry DATABOOK,' which comprehensively covers key performance indicators and overall statistics of the domestic and international pharmaceutical and bio-pharma industries.

The association annually publishes this statistical book, which compiles and processes industry-related information from global market research firms, the Ministry of Health and Welfare, and the Ministry of Food and Drug Safety, to enhance understanding and awareness of the pharmaceutical and bio-pharma industry. The DATABOOK includes various data on the status of the domestic and international pharmaceutical and bio-pharma industries, as well as health insurance and health statistics covering the entire industry.

The global pharmaceutical market size reached $1,280.5 billion last year, marking a 9.4% increase from the previous year ($1,170.4 billion) and setting a new record. The United States, the world's largest pharmaceutical market, accounted for nearly half, 45%, with $586.1 billion.

The domestic pharmaceutical market size grew by 9.6% to 25.3932 trillion won last year, up from 23.1722 trillion won the previous year. During the same period, exports increased by 17.6% to $9.92842 billion. Notably, the number of industry employees rose from 114,126 in 2020 to 120,100 last year. The proportion of regular employees in the pharmaceutical sector was 95.9%, significantly exceeding the overall industry rate (61.6%) and manufacturing sector rate (83.7%).

An association official stated, "Through various statistics, we were able to confirm key growth indicators of the pharmaceutical and bio-pharma industry," adding, "Visible and gradual achievements have been emerging, and the growth of the pharmaceutical and bio-pharma industry is expected to continue steadily in the future."

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