In a tough R&D environment, delivery technology-based new drug development activities by Korean firms are poised to remain robust in 2024.

Executive changes at both Viatris and Teva in 2023 saw the companies shift their focus towards the innovator industry. Plus, trade groups saw some significant personnel shakeups, Alvotech expressed hope that new hires would help to resolve manufacturing approval issues, Biocon made changes to its management structure, and more.

Despite some disappointments, the South Korean pharma industry showed mostly resilient R&D activity in 2023 amid robust efforts to secure technologies and assets in new modalities such as ADCs and TPD to better compete with global players. 

Recent sizable out-licensing deals with global big pharma firms are raising hopes of a recovery in Korean biopharma alliances and also point to possible changes in deal structures towards international norms.