Journalist

Park Bo-ram
  • Discount stores crowd Koreas $5 billion health supplement market
    Discount stores crowd Korea's $5 billion health supplement market SEOUL, October 08 (AJP) - The race for South Korea’s fast-growing health and dietary supplement market is intensifying as bargain retailers and convenience stores challenge traditional drugstores for a share of a wellness-driven, aging society where eight out of 10 households regularly take preventive supplements. According to Expert Market Research, Korea’s health supplement market was valued at $5.45 billion in 2024 and is projected to expand at a compound annual growth rate of 5.2 percent, reaching $9 billion by 2034. A separate survey by the Korea Health Supplements Association found 81.2 percent of Korean households purchased health supplements in 2023. The surge in both online and offline distribution channels to meet this demand is reshaping the market structure. Daiso and convenience store chains are entering the space with low-cost, easy-access options, while the Korean Pharmaceutical Association is partnering with major drugmakers to develop pharmacy-exclusive products. ] Daiso, a popular budget franchise, has teamed up with domestic drugmakers such as Daewoong Pharmaceutical, which released 26 products priced between 3,000 and 5,000 won ($3.5) for a month’s supply. Jongkundang Health also introduced its competitively priced probiotics “Lactofit Gold” line. “We offer a variety of products like vitamins and probiotics, mostly priced at 3,000 or 5,000 won,” a Daiso official said. Convenience stores are likewise expanding their shelves. Dong-A Pharmaceutical launched its “Cellparex Baro” line exclusively through CU stores, targeting single-person households with five- to ten-day packs. “We aim to provide products that address modern health concerns with immediacy and convenience,” a Dong-A representative said. The industry is closely watching how the market evolves in the latter half of the year as low-price, convenience-driven products go head-to-head with pharmacy-exclusive, trust-based brands. In response to Daiso’s push, the Korean Pharmaceutical Association signed MOUs with Yuhan Corporation and Dong-A Pharmaceutical to co-develop affordable supplements sold exclusively through pharmacies. Eight new Yuhan-made products are due by year-end, and Dong-A’s lineup will debut in October. With online availability expanding rapidly, experts are also warning of potential misuse. “With increased accessibility, improper guidance could lead to overuse or misuse,” an industry insider said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-08 09:12:57
  • SK Biopharms US arm posts record sales of epilepsy drug
    SK Biopharm's US arm posts record sales of epilepsy drug SEOUL, October 02 (AJP) - SK Life Science, the U.S. subsidiary of South Korea’s SK Biopharm, reported record sales of its epilepsy treatment cenobamate in the first half of this year, reaching 170,000 cumulative prescriptions. The company highlighted the achievement during its annual “Plan of Action” meeting in Chicago, as it looks to build momentum in one of the world’s most competitive pharmaceutical markets. More than 130 employees from SK Life Science and SK Biopharm gathered from Sept. 29 to Oct. 1 to review performance and outline next steps. Executives said the results marked the strongest sales since Xcopri, as the drug is marketed in the United States, was introduced in 2020. The Chicago meeting, now in its sixth year, also brought in senior staff from the Seoul headquarters to reinforce collaboration between the U.S. unit and its parent company. The event was designed not only to showcase achievements but also to motivate employees ahead of the next growth phase. SK Biopharm, which became the first South Korean drugmaker to build a direct sales operation in the United States, plans to leverage cenobamate’s success to expand its portfolio. “SK Biopharm stands at a crucial turning point to diversify our portfolio and target both current and future markets,” said Lee Dong-hoon, the company’s chief executive. “We expect all divisions to collaborate as one team to create greater synergy.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-02 14:04:06