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Objectives: This study aims to contribute to efficient decision-making by analyzing the impact of human resource-related expenditure on the management performance of pharmaceutical companies. Methods: Difference analysis and multiple regression analysis were conducted by collecting financial statements data of 10 years from 2004 to 2013 for pharmaceutical companies. Results: First, the education and training ratio was found to have a positive effect on management performance only in KOSDAQ companies. Second, an overall negative effect was seen on companies’ management performance as the labor cost ratio increased; however, companies, excluding business loss companies, showed a positive effect on management performance. Conclusions: Managers need to make decisions based on whether their companies are KOSDAQ companies, KOSPI companies, and companies that realize operating profits by considering labor costs, education, and training expenses.