The warning ran through the American Chamber of Commerce in Korea's 17th Healthcare Innovation Seminar, held at the Shilla Hotel on Thursday and attended by about 150 government officials, industry executives and clinicians.
Multinational drugmakers joined a chorus of concern that Korea often announces reform measures only to drag its feet on implementation.
The delays have also become a source of friction in U.S.-Korea trade talks, where drug approvals and reimbursement rules increasingly influence where multinational pharmaceutical companies invest.
Foreign drugmakers have long argued that Korea undervalues innovative medicines, discouraging investment and slowing patient access to new treatments.
“Korea has made meaningful progress on healthcare reform. The priority now is to translate that progress into tangible results,” said James Kim, chairman and chief executive of AMCHAM, who cited drug pricing, vaccines and artificial intelligence as key areas that will shape the industry's direction.
Speakers urged the government to set measurable targets rather than rely on broad policy pledges.
“For the recent pricing reform to generate meaningful and sustainable impact, Korea should establish measurable policy objectives for innovative medicines,” said Lee Hye-young, general manager of BMS Pharmaceutical Korea, adding that visible outcomes could be achieved within two to three years.
Bristol Myers Squibb, Eli Lilly, Pfizer, MSD, Moderna, Johnson & Johnson, Guardant Health and Eversight partnered on the seminar, an annual fixture in U.S.-Korea healthcare policy dialogue since its launch in the late 2010s.
AJP Takeaways
• The American Chamber of Commerce in Korea urged the South Korean government to fully implement the pharmaceutical pricing reforms announced in late 2025, warning at its 17th Healthcare Innovation Seminar that reform without execution could weaken Korea's standing as a global healthcare destination.
• AMCHAM Chairman and CEO James Kim identified drug pricing, vaccines and AI as the three fields shaping Korea's healthcare future, while BMS Pharmaceutical Korea General Manager Lee Hye-young called for measurable policy targets deliverable within two to three years.
• Held at Seoul's Shilla Hotel with about 150 government officials, executives and clinicians, the seminar was sponsored by eight multinational drugmakers including Bristol Myers Squibb, Eli Lilly, Pfizer and Johnson & Johnson.
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