Seoul: South Korea's imports of pharmaceuticals from the United States surpassed US$1 billion in 2024, government data showed Tuesday. Imports of U.S.-made medicines reached $1.02 billion last year, with cancer treatments and rare disease drugs accounting for a growing share, according to the data submitted by the Ministry of Food and Drug Safety (MFDS) to Rep. Kim Mi-ae of the main opposition People Power Party.
According to Yonhap News Agency, the combined value of cancer drugs, rare disease treatments, and vaccines stood at $537.7 million, representing 52.7 percent of total U.S. pharmaceutical imports. The share of cancer drugs rose to 23.7 percent in 2024 after dipping to 14.3 percent in 2021, while rare disease drugs increased by 2.3 percentage points from a year earlier.
Experts warned that South Korea's heavy reliance on U.S. pharmaceuticals could heighten risks from tariff negotiations or potential supply chain disruptions, underscoring the need to diversify import sources. "The government must develop comprehensive measures, including building strategic reserves of essential medicines, diversifying import channels and expanding domestic production, to ensure a stable supply of life-saving drugs," Rep. Kim said.
South Korea currently imports 83 U.S.-exclusive medicines, including Pfizer's cancer therapy injection and Novartis' spinal muscular atrophy treatment Zolgensma, with no domestic or third-country alternatives available, the data showed.