Demand for the domestic pharmaceutical product seems to have a hope of a rebound
Retail sales in March close to 1.9 trillion won… a negative growth reduced Outpatient prescription back to 1.2 trillion won… returned to positive growth Exports continue to grow… $2.4 billion in 1Q, YoY 70.7%↑
As the aftermath of the third wave of the COVID-19 pandemic continues since the end of 2020, the demand for domestic pharmaceutical products remains depressed.
Nevertheless, there are hints of reversal, such as an increase in growth or a small rebound in March.
Data from Statistics Korea shows retail sales of pharmaceutical products fell 4.6% YoY to 1.89 trillion won in March, continuing a negative growth trend for three consecutive months.
Pharmaceutical retail sales, which had grown rapidly until the third quarter of last year, slowed significantly in the fourth quarter.
Finally, this year, it is below the 1.9 trillion mark for three months, recording negative growth for three straight months.
Its accumulated retail sales in 1Q also dropped 4.6% YoY to 5.4777 trillion won.
However, the growth in retail sales, which fell to -9.0% in February, rose to -2.0% in March, and its size is close to 1.9 trillion won, showing signs of recovery gradually.
The outpatient prescription appears to be recovering a little faster. Even during the peak season in January, the amount of outpatient prescription, which fell 7.0% YoY, remained at 1.1 trillion won in February, and the drop was reduced to 5.6%.
It then grew 1.9% YoY to 1.25 trillion won in March, returning to a 1.2 trillion won mark in three months since December last year, and also escaped from the downtrend that lasted for three months.
The cumulative outpatient prescription in 1Q decreased by 3.6% YoY to 3.569 trillion won in the aftermath of sluggishness in January and February.
Meanwhile, exports (SITC 54) continued to boom while domestic indicators are rebounding.
Exports nearly reached $900 million by $880.91 million in March, surpassing $800 million for the first time this year.
However, pharmaceutical exports began to increase dramatically in March last year due to the COVID-19 pandemic, and the growth from the same period last year fell to 50.4%, down from January and February due to the base effect.
Nevertheless, it still maintains a growth of over 50%, with quarterly exports reaching $2.4 billion, up 70.7% YoY.