SEOUL, Feb. 6 (Yonhap) -- Major South Korean drugmakers are set to expand their spending on research and development (R&D) this year, industry sources said Wednesday.
Top pharmaceutical firm Yuhan Corp. has decided to invest 160 billion won (US$143 million) to 170 billion won in R&D this year, about 10 percent of its sales target, according to sources.
Yuhan spent an estimated 110 billion won on R&D last year.
Hanmi Pharm Co., which invested 19 percent of its sales in R&D last year, plans to spend some 15 percent to 20 percent of its revenue on research efforts, focusing on the development of new products, sources said.
Other major firms in the industry, including Greencross Medical Science Corp. (GMSC) and Chong Kun Dang Pharmaceutical Corp., also aim to spend 10 to 20 percent of their annual revenue on R&D.
The proportion of investment in R&D out of total sales among South Korea's listed drug firms has been on a constant rise from an average 5 percent in 2006 to 9 percent in 2017, according to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association.
"We will invest the largest-ever amount in R&D this year," a GMSC source said.
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