Last year, the price of herbal medicine increased by more than 10% for the first time in history. This year, prices of various medications such as vitamins, pain relievers, and skin disease treatments have been rising since the beginning of the year, likely adding to consumer burdens.
According to the Korean Statistical Information Service (KOSIS), the consumer price index for herbal medicine last year was 124.63, a sharp increase of 10.5% compared to the previous year (112.82). This marks the first time since the collection of related statistics began in 2005 that the growth rate has surpassed 10%.
The price of herbal medicine has continued to rise for 18 consecutive years since a slight drop in 2006. The increase rate for herbal medicine prices (10.5%) is five times higher than the overall increase rate for pharmaceuticals (1.9%). Compared to the overall consumer price index increase rate (2.3%), it is 4.5 times higher, indicating a significant increase in consumer burden.
The main reason for the rapid increase in herbal medicine prices is the skyrocketing prices of materials and supplies, such as bezoar. The price of bezoar, a key ingredient in Huohuang Qingxin Pills, has been continuously rising since 2012, and soared to over 250 million won per kilogram early last year, more than doubling from the previous year.
Meanwhile, along with the surge in herbal medicine prices, the prices of most pharmaceuticals, including digestive aids (8.3%), skin disease treatments (7.8%), cold medicine (5.2%), dental and oral medicine (4.9%), vitamins (3.5%), pain relievers (3.4%), gastrointestinal medicine (3.4%), and cough medicine (2.5%), have risen beyond the consumer price increase rate.
This trend of rising pharmaceutical prices has continued this year. Kwangdong Pharmaceutical has raised the prices of Biota500 (100ml, 180ml) by 100 won each starting this month, while Boryung has increased the price of the cough remedy Yokgaksan Kool by 7-8%, and WithOne Bio has raised the price of the motion sickness medication Kimite by 7.9%. Dong-A Pharmaceutical plans to increase the supply prices of Bacchus D (10.9%) and Bacchus F (11.1%) starting in March, and from April 1, will also raise prices for skin disease treatment Aeknon Cream and Aekrin Gel (14.8%).