Half of global pharmas in Korea downsize

Multinational pharmaceutical firms in South Korea are reducing their local workforce -- 48 percent companies slashed staff last year -- according to the Financial Supervisory Service on Thursday.

Data showed that 14 companies out of 29 foreign pharmas reduced the number of employees as they suffered lackluster business performances.

Combined, however, the overall employment increased from the previous year’s 6,714 to 6,884, up 170. Sanofi-Aventis Korea was the biggest contributor to the figure, having added 64 new people.

Galderma Korea, meanwhile, had the biggest reduction rate. The company saw 20 percent slide in the number of employees after losing 21 from its original 94. Galderma Korea had suffered a continued operating loss since 2015.

Janssen Vaccine has been in the red since 2016. Its employee numbers remained unchanged from 2018’s 145, but was half that of 2015’s 296. 

Janssen, a different legal entity from Janseen Vaccine, said it will close operations at its plant in Hyangnam, Gyeonggi Province, in 2021.

Pfizer Korea, the biggest foreign pharma in terms of employment in Korea with over 700 staff, also let go of 10 employees.

Bayer Korea is the second in ranks with over 550 employees, although 26 staff left.

By Lim Jeong-yeo (kaylalim@heraldcorp.com)