Key Market Indicators
Korean Pharmaceutical Research and Development (R&D) expenditure is projected to climb to approximately $4.6 billion in purchasing power parity (PPP) by 2028, up from around $3.3 billion in 2023. This represents an average annual growth rate of 5%. Since 2010, the supply of pharmaceutical R&D in Korea has increased at an annual rate of 12.3%. In 2023, Korea ranked fourth globally in pharmaceutical R&D spending. Germany surpassed Korea with an expenditure of $3.3 billion PPP. In the global rankings, China, Germany, and South Korea secured the second, third, and fourth positions, respectively.
