The year 2024 has been a turbulent one for the healthcare industry, marked by ongoing conflicts between the medical community and the government over a policy to increase medical school admission quotas by 2,000. Tensions escalated further with the Dec. 3 martial law debacle. Many sectors within the healthcare industry faced significant challenges, with some reporting their worst year on record. Here, we highlight the top 10 healthcare news stories that defined this year. -- Ed.

In 2024, despite challenges such as a healthcare crisis and unstable pharmaceutical supply, major domestic pharmaceutical companies in Korea achieved stable revenue growth. Licensing income and expanded sales of existing products were identified as key contributors to their performance.

Yuhan Corp. reported cumulative consolidated sales of 1.5717 trillion won ($1.074 billion) and an operating profit of 66.6 billion won for the third quarter of 2024, marking year-on-year increases of 10.54 percent and 31.27 percent, respectively. The primary drivers of growth were global licensing revenue from the lung cancer treatment Leclaza (lazertinib) and stable product sales.

Hanmi Pharm achieved cumulative sales of 1.1438 trillion won and an operating profit of 185.7 billion won for the same period, reflecting growth of 7.05 percent and 23.33 percent, respectively. The stable sales of existing products, including the hypertension drug Amosartan (amlodipine + losartan), drove this growth.

Daewoong Pharmaceutical recorded cumulative sales of 1.0548 trillion won and an operating profit of 109.2 billion won, representing increases of 4.07 percent and 16.33 percent, respectively. Sales of the gastroesophageal reflux disease treatment Fexuclue (fexuprazan) and the botulinum toxin product Nabota were the main contributors to its performance.

HK inno.N posted cumulative sales of 661.3 billion won and an operating profit of 63.8 billion won, showing growth of 9.35 percent and 47.13 percent, respectively. The growth in sales of the gastroesophageal reflux disease treatment K-CAB (tegoprazan) was cited as the key driver.

On the other hand, companies such as GC Biopharma, Chong Kun Dang, and Boryung delivered lackluster results in terms of profitability improvement.

Overall, export contracts for technologies and stable sales of existing products were the primary growth engines for domestic pharmaceutical companies. However, rising costs and declining profitability led to slower growth for some companies, leaving market volatility as a key challenge for the upcoming year.