[연기금 K바이오 재편]② 제약주 지분 감소…투자 선결조건 'R&D'

South Korea's National Pension Fund is fundamentally shifting its pharmaceutical investment strategy, pivoting from defensive positions based on stable domestic revenue toward selective investment in companies demonstrating R&D momentum and future growth potential. The convergence of drug price cuts and currency headwinds is compelling institutional investors to prioritize pipeline success and global commercialization capabilities as primary investment criteria.