SEOUL, Feb. 14 (Korea Bizwire) – Four major South Korean pharmaceutical companies spent more than 100 billion won (US$86.9 million) each on research and development (R&D) in 2016, industry officials said Tuesday.
The four drug companies — Hanmi Pharmaceutical Co., Green Cross Corp., Daewoong Pharma and Chong Kun Dang Pharmaceutical Corp. — sharply expanded their R&D spending last year, according to the officials.
The latest move marks a significant change from 2014, when Hanmi Pharmaceutical was the only player that allocated more than 100 billion won to R&D.
In 2016, Hanmi Pharmaceutical was the top investor with 162.6 billion won, followed by Green Cross with 120 billion won and Daewoong Pharma with 108 billion won. Chong Kun Dang spent 100 billion won.
Outbound shipments of locally manufactured medicines, medical equipment and cosmetics products are expected to have reached a total of $9.8 billion in 2016. Industry officials said local pharmaceutical companies have become more competitive on the global stage on the back of R&D spending and policy backup by the government.