WhanIn Pharmaceutical Co. KRW 4.4 billion → KRW 1.7 billion… Hana Pharm Co. spent the most
Last year, Korean pharmaceutical companies’ entertainment expenses decreased significantly due to the contraction of face-to-face business following COVID-19.
Newsmp found that 29 companies’ spending on entertainment has reduced YoY, according to the tally of 43 pharmaceutical companies’ annual reports.
Entertainment expenditures of 43 companies totaled KRW 24.8 billion, down 13.9% or KRW 4 billion from KRW 28.8 billion in 2019.
In particular, it was found that WhanIn Pharmaceutical’s entertainment expenses was reduced by KRW 2.7 billion from KRW 4.4 billion to 1.7 billion, and Kyongbo Pharmaceutical and Union Korea Pharmaceutical also shrunk their expenditures by KRW 400 million.
Entertainment expenses of nine companies, including Daehwa Pharmaceutical, Kwang Dong Pharmaceutical, ST Pharm, Hwail Pharmaceutical, Celltrion Pharmaceutical, and Hana Pharmaceutical, have decreased by more than KRW 100 million.
On the other hand, KOREAN DRUG’s expenditures on entertainment increased by nearly KRW 300 million over the same period, and DongKoo Bio & Pharmaceutical, BC World Pharmaceutical, and WOORIDUL PHARMACEUTICAL also expanded by KRW 200 million.
Meanwhile, Hana Pharmaceutical’s annual entertainment expenses were about KRW 2.9 billion, which is the only one exceeding KRW 2 billion out of 43 companies.
Daehwa Pharmaceutical’s spending was close to KRW 2 billion, followed by WhanIn Pharmaceutical, SamChunDang (SCD) Pharmaceutical, WOORIDUL PHARMACEUTICAL with KRW 1.6 billion mark and Yuyu Pharmaceutical and Seoul Pharmaceutical with KRW 1.5 billion mark. A total of seven companies exceeded KRW 1.5 billion.
Myung Moon Pharmaceutical, KOREA UNITED PHARM, and DongKoo Bio & Pharmaceutical were around KRW 1.2 billion, and KOREAN DRUG spent about KRW 1.1 billion, with a total of 11 companies spending more than KRW 1 billion.
Furthermore, Samil Pharmaceutical was tallied at about KRW 700 million and BC World Pharmaceutical at KRW 500 million, followed by Hwail Pharmaceutical, Samsung Pharmaceutical, Kwang Dong Pharmaceutical, Kyongbo Pharmaceutical, SINSIN Pharmaceutical, and Yuhan Corporation at KRW 400 million mark.
Samjin Pharmaceutical and Cho-A Pharmaceutical reached KRW 300 million, while Celltrion Pharmaceutical, DAI HAN PHARM, Union Korea Pharmaceutical, and Dongkook Pharmaceutical recorded KRW 200 million.
IL-YANG PHARM, DAEWON Pharmaceutical, Kyung Nam Pharmaceutical, Dongsung Pharmaceutical, Daewoong Pharmaceutical, Hyundai Pharmaceutical, and Korea Arlico Pharmaceutical have been found to spend more than KRW 100 million on entertainment expenses.
