Development of Sustained-Release Drugs by Korean Pharmaceutical Companies and Strategies for Global Market Expansion

The global pharmaceutical market is projected to reach approximately KRW 2,600 trillion by 2027, with the biopharmaceutical and sustained-release drug sectors expected to grow at an annual rate of 8–10%, reaching KRW 899 trillion and KRW 81 trillion, respectively. (1) Background/Purpose: This study analyzes the development of sustained-release drugs by Korean pharmaceutical companies and their strategies for global market expansion. Sustained-release drugs offer a cost-effective and time-efficient pathway to market entry compared to traditional new drug development, improving the efficacy, safety, and convenience of existing treatments. This study identifies strategies adopted by Hanmi Pharmaceutical and Celltrion and proposes extensions to the 4P marketing framework suited to the modern pharmaceutical environment. (2) Methodology/Approach: A case study methodology was employed, drawing on industry reports (IQVIA), corporate IR data, academic literature, and market databases (MRFR, UBIST). The 4P framework (Product, Price, Promotion, Place) was applied to analyze and compare the strategies of Celltrion and Hanmi Pharmaceutical in the sustained-release and biobetter drug segments. (3) Findings: Both companies targeted blockbuster drugs approaching patent expiry, pursued competitive pricing alongside high-quality products, and expanded their global market presence through strategic alliances. Celltrion grew its revenue from KRW 226 billion (2013) to KRW 2.28 trillion (2022) via biosimilar market leadership; its biobetter Remsima SC grew sevenfold from KRW 34.8 billion (2020) to KRW 236.9 billion (2022) within three years, achieving 54.8% European market share. Hanmi Pharmaceutical leveraged its proprietary LAPSCOVERY platform to develop sustained-release drugs, achieving peak revenue of KRW 1.318 trillion in 2015 including licensing fees, and sustaining revenue of KRW 1.332 trillion in 2022. (4) Originality/Value: This study presents an integrated strategic framework for Korean pharmaceutical companies, proposes expanding the 4P model to include Performance and Partnership as critical elements, and identifies synergistic opportunities with semiconductor/nanotechnology industries for drug delivery system innovation.