South Korea's biopharmaceutical exports in the first half of the year are expected to reach US$4.5 billion, a record high for the same period in history
Data released by the South Korean government on Wednesday showed that exports of South Korean biopharmaceutical products are expected to hit a record high in the first half of this year. According to data from South Korea's Ministry of Food and Drug Safety, the export value of this product category in the first six months of this year is expected to be US$4.5 billion, a year-on-year increase of 15.3%, accounting for 86.5% of all pharmaceutical exports worth US$5.2 billion in the first half of the year. South Korea's biopharmaceutical exports will increase from US$4.9 billion in 2023 to US$7.6 billion in 2025. If the trend continues, the ministry expects a record high this year. As of June, South Korean biopharmaceutical products have been exported to 163 countries, with the highest export value to Switzerland, reaching US$770 million. The United States followed with $610 million, and Hungary ranked third with $600 million. For the first time, France ranked among South Korea's top ten export destinations for biopharmaceutical products in the first half of the year, with exports worth US$160 million. By product type, recombinant protein drugs had the highest export value at US$3.97 billion, followed by toxins and antitoxins at US$280 million, and vaccines at US$120 million. South Korea’s Ministry of Food and Drug Safety stated that it will work hard to ensure that the biotechnology industry continues to maintain its export growth momentum in the second half of the year through regulatory innovation, information sharing and active trade negotiations with major importers.