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Multinational Pharmaceuticals Expand R&D Spending by 5.9 pct in 2017

According to Yonhap News,

(SEOUL=Yonhap News) Multinational pharmaceutical companies in South Korea increased their spending on research and development by 5.9 percent in 2017 from a year earlier, industry data showed Wednesday.

The data compiled by the Korea Research-based Pharmaceutical Industry Association showed that 28 multinational pharmaceutical firms spent a combined 271 billion won (US$240.8 million) on R&D last year, up from 255.8 billion won a year earlier.

The companies expanded their R&D manpower by hiring 1,530 people last year, up from 1,386 in 2016, the data showed.

The number of clinical trials conducted by the 28 companies jumped 20.5 percent on-year to 1,631 in 2017, according to the data.

Of the total, 771 clinical trials were for cancer, accounting for 47 percent of the total, the association said.

The number of clinical trials for treatment of rare diseases came to 274 in 217, more than three times of 29 logged a year earlier, the data showed.

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Source: Yonhap News (September 19, 2018)

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