Korean listed pharmaceutical companies increase entertainment costs, 12 of them exceed KRW 1 billion

[Newsmp] Korean listed pharmaceutical companies’ entertainment costs, which had decreased due to COVID-19, has increased again.

Newsmp compiled data from 44 listed pharmaceutical companies whose closing account is in November and December and found that the combined entertainment expenses amounted to KRW 28.6 billion, an increase of KRW 2.3 billion, or 8.8%, from 2020.

Of the 44 companies, 28 companies’ entertainment costs expanded from 2020, while 16 companies decreased.

Seoul Pharma’s entertainment costs increased by nearly KRW 800 million compared to 2020, and that of DongKoo Bio & Pharma also grew by more than KRW 500 million.

Entertainment costs of Whanin Pharmaceutical and PharmGen Science nearly rose about KRW 400 million, and BC World Pharm saw an increase of more than KRW 300 million. In addition, Daewon Pharmaceutical, Daihan Pharmaceutical, Kwangdong Pharmaceutical, and Yuhan Corporation also increased by more than KRW 100 million.

On the other hand, Kyongbo Pharmaceutical’s entertainment costs were reduced by more than KRW 200 million during the same period, while Hwail Pharmaceutical, Hana Pharm, DAE HWA Pharmaceutical, SamChunDang Pharm, and Yuyu Pharma also decreased by more than KRW 100 million.

By volume, Hana Pharm was the largest at KRW 2.7 billion, while Seoul Pharma and Whanin Pharmaceutical exceeded the KRW 2 billion mark at KRW 2.26 billion and 2.09 billion.

PharmGen Science’s entertainment costs were also close to KRW 2 billion, followed by Daehwa Pharmaceutical with KRW 1.85 billion, Dongkoo Bio & Pharma with KRW 1.69 billion, Korea Pharmacy with KRW 1.56 billion, and Samchundang Pharm with KRW 1.51 billion.

Moreover, entertainment expenses for Myungmoon Pharmaceutical, Korea United Pharmaceutical, and Korean Drug exceeded KRW 1 billion, while BC World Pharm, Samil Pharmaceutical, Kwang Dong Pharmaceutical, and Yuhan Corporation also reported more than KRW 500 million.