Cancer and Rare Disease Drugs Drive South Korea’s Growing Reliance on U.S. Pharma (Yonhap)
SEOUL, Sept. 17 (Korea Bizwire) — South Korea’s reliance on U.S. pharmaceuticals deepened in 2024, with imports topping $1 billion for the first time, government data showed Tuesday. The trend, fueled by surging demand for cancer treatments and rare disease drugs, has stirred warnings about supply vulnerabilities at a time of heightened trade and tariff tensions with Washington.
According to figures submitted by the Ministry of Food and Drug Safety to opposition lawmaker Kim Mi-ae, imports of U.S.-made medicines reached $1.02 billion last year. Cancer therapies, rare disease treatments and vaccines accounted for more than half of the total, or $537.7 million.
The share of oncology drugs has climbed sharply, rising to 23.7 percent of U.S. pharmaceutical imports in 2024 from 14.3 percent in 2021. Medicines for rare conditions also grew in importance, up more than two percentage points from the previous year.
South Korea currently brings in 83 U.S.-exclusive treatments — including Pfizer’s oncology injection and Novartis’ gene therapy Zolgensma — with no domestic or third-country substitutes available. Analysts warn such dependency could leave the country exposed to price shocks, export restrictions or supply chain disruptions.
“Seoul cannot afford to leave itself vulnerable in the supply of essential medicines,” Kim said, urging the government to establish strategic reserves, diversify import channels and expand local production.
Experts note that while the United States remains an indispensable source of cutting-edge drugs, overconcentration has become a strategic liability. The issue is particularly sensitive as Seoul and Washington continue to spar over tariffs and investment commitments.
The findings underscore the delicate balance for South Korea: tapping into America’s biomedical innovation while shoring up safeguards to protect patients from the risks of overdependence.
Ashley Song (ashley@koreabizwire.com)
