South Korea's Pharmaceutical and Biotechnology Exports Surge 55% in H1 2023

According to official data released on Saturday, South Korea's export performance in the pharmaceutical and biotechnology sectors showed a significant year-on-year increase in the first half of this year.

Precise data provided by the Korea Pharmaceutical and Bio-Pharmaceutical Manufacturers Association indicates that over the first six months, South Korea exported pharmaceutical and biotechnology products worth a total of 45 trillion won (approximately $32.6 billion), a 55% increase from the 29 trillion won (around $20.9 billion) recorded in the same period last year.

The Yonhap news agency report mentions that although the number of export contracts decreased from 12 to 7 during the aforementioned period, it is noteworthy that the value of each transaction has increased significantly. Furthermore, the three contracts signed this month each exceeded 500 billion won in value.

The association forecasts that, based on the current export growth rate, South Korea's annual pharmaceutical and biotechnology exports are expected to reach 80 trillion won.

A responsible official from the association stated, "This remarkable export growth clearly demonstrates the significant improvements in South Korea's competitiveness in the pharmaceutical and biopharmaceutical technology sectors."