[Newsmp] Although daily life contracted again in the first quarter as the Coronavirus Omicron variant flourished, listed pharmaceutical companies’ spending on entertainment increased significantly.
Newsmp compiled the quarterly reports of pharmaceutical companies that included entertainment expenses, and whose closing accounts are in November and December. It was found that 30 out of 44 companies advanced their entertainment expenses compared to the same period last year.
Their combined spending on entertainment rose 30.0% from KRW 5.85 billion in the first quarter of last year to KRW 7.60 billion.
By company, Myungmoon Pharmaceutical, which reported “0” in the first quarter of last year, spent more than KRW 700 million in the first quarter, the largest increase.
Whanin Pharmaceutical’s entertainment expenses more than doubled from KRW 400 million to KRW 970 million, and PharmGen Science also increased more than KRW 100 million from KRW 460 million to KRW 610 million.
Moreover, the entertainment expenses of DongKoo Bio & Pharma, Korea United Pharmaceutical, and Korea Arlico Pharm rose by more than KRW 50 million.
On the other hand, none of the companies saw their entertainment expenses reduced by more than KRW 100 million during the same period, and the decrease in DAE HWA Pharmaceutical was KRW 57.87 million, the only one exceeding KRW 50 million.
The total increase of 30 companies reached KRW 2.04 billion, while the total decrease of 14 companies was only KRW 280 million.
Whanin Pharmaceutical had the largest spending on entertainment expenses with KRW 970 million, followed by Myungmoon Pharmaceutical and Hana Pharm with KRW 740 million and KRW 730 million.
PharmGen Science reported KRW 610 million, Withus Pharmaceutical KRW 460 million, DAE HWA Pharmaceutical KRW 450 million, DongKoo Bio & Pharma KRW 430 million, Korea Pharmacy KRW 380 million, SamChunDang Pharm KRW 370 million, and Korea United Pharmaceutical KRW 250 million.
Furthermore, BC World Pharm, Kwang Dong Pharmaceutical, SinSin Pharmaceutical, Yuhan Corporation, Korean Drug Company, Daihan Pharmaceutical, and Celltrion Pharm also spent more than KRW 100 million on entertainment expenses.
