Doctors are performing surgery in this file photo released by Seoul National University Bundang Hospital.
SEOUL, July 31 (Korea Bizwire) — In South Korea, where the number of doctors ranks near the bottom among the Organization for Economic Cooperation and Development (OECD) members, doctors’ incomes are among the highest, data showed Sunday.
According to the OECD Health Statistics 2023, the annual income of Korean medical specialists working in hospitals and clinics averaged US$192,749 in 2020, the highest among 28 countries with relevant statistics.
The amount is calculated based on the purchasing power parity (PPP) exchange rate, which reflects the difference in price levels among countries. Accordingly, it may differ from the actual value in the local currency.
Regarding general practitioners, relevant statistical data is limited, allowing a comparison of only nine countries. On average, the annual income of Korean general practitioners stood at $298,800 in 2020, the second highest behind Belgium’s $337,931.
According to a field-based survey conducted by South Korea’s Ministry of Health and Welfare and released in July 2022, the average income of the nation’s medical specialists stood at 185.39 million won (US$145,250) in 2020, while that of general practitioners stood at 294.28 million won.
In the OECD Health Statistics 2022, which reflected such data on Korean doctor incomes for the first time, South Korea ranked first among OECD countries in terms of the income of both medical specialists and general practitioners.
As for the proportion of medical specialists’ income to the per-capita gross domestic product (GDP), South Korea recorded a ratio of 5.06 in 2020, the second-highest behind Chile.
For general practitioners, the ratio was 7.84, the highest among the nine comparison countries.
Thus, the income level of Korean doctors is among the highest in the world, indicating the reality that the number of doctors is relatively low despite the high level of utilization of medical services.
J. S. Shin (js_shin@koreabizwire.com)
