Twenty-eight multinational pharmaceutical companies operating in Korea donated 30 billion won ($24.3 million) in social contribution in 2019. The amount accounted for 0.58 percent of their combined revenues, and the proportion has steadily increased in the past five years.

According to a survey of the Korean Research-based Pharma Industry Association, 28 drug companies’ social contribution reached 30.2 billion won last year. Their social contribution took up 0.58 percent of sales, up from 0.55 percent in 2018.

An official at KRPIA said the multinational pharmaceutical firms’ social contribution was about 3.5 times larger than that of 206 major local firms, given that the social contribution of the 206 firms accounted for 0.16 percent of their sales. In 2017, the global pharmaceutical industry donated 0.3 percent of the revenue, while the top 10 Korean industries donated 0.11 percent of the revenue on average, he added.

KRPIA also said 2,581 employees of 25 companies spent 13,869 hours on directly participating in volunteering programs.

The KRPIA official went on to say that 10 member companies and their employees created a matching fund worth 180 million won.

“As a member of the Korean society, global pharmaceutical companies continue social contribution activities to fulfill their role as a strong partner for the Korean society,” said Avi BenShoshan, chairman of KRPIA. “Multinational pharmaceutical companies will not only enhance the research of treatments and vaccines to overcome the Covid-19 crisis but continue to expand social contribution to work with Korean society.”