The Ministry of Food and Drug Safety on Oct. 8 said biopharmaceutical exports in the first three quarters of the year reached a tentative estimate of USD 6.6 billion (KRW 8.8 trillion), a record high for the period and up 15.8% year on year. (iClick) *This photo is protected under copyright law and unauthorized reproduction and redistribution are strictly prohibited.

By Yoo Yeon Gyeong

Biopharmaceutical exports in this year's first three quarters tentatively reached USD 6.6 billion (KRW 8.8 trillion), a record high for the period.

The Ministry of Food and Drug Safety on Oct. 8 said the figure was up 15.8% year on year.

By market, the U.S. remained the top export destination with USD 1.07 billion, but this marked a 23.7% decline in value. America's share of such shipments also dropped from 24.7% to 16.3%.

Growth in the European market was especially strong as biopharmaceutical exports to Switzerland reached USD 1.01 billion, up 27.3%, and those to Hungary USD 920 million, up 28%. Higher rates of increase were seen in the Netherlands with USD 630 million (42.4%), Italy USD 300 million (59.6%), Belgium USD 290 million (209.7%) and France USD 200 million (269.1%).

Among the top 10 export markets, seven were in Europe, joining the U.S., Japan and Turkey.

A ministry analysis found that the export hike was led by factors like expansion of contract development and manufacturing organization services for global pharmaceutical companies in Europe and rising demand for biosimilars.

"We will continue seeking rational regulatory improvements and providing institutional and technical support to raise the global competitiveness of Korean biopharmaceuticals and facilitate their entry into global markets," it added.

dusrud21@korea.kr