Pharmaceutical technology exports have exceeded KRW 10 trillion this year, according to an Aug. 19 report based on Global Data from the Korea Bio-Economic Research Center of the Korea Biotechnology Industry Organization. Shown is a researcher of SK Bioscience working on vaccines and treatments. (SK Bioscience)

By Xu Aiying

Exports of pharmaceutical technology this year have exceeded KRW 10 trillion, outperforming last year's figure.

A report quoting the London-based company Global Data by the Korea Bio-Economic Research Center of the Korea Biotechnology Industry Organization on Aug. 19 said the value of export contracts for domestic pharmaceutical technology as of Aug. 12 reached USD 7.68 billion (KRW 10.67 trillion), up 113% year on year.

The value of licensing contracts between domestic pharmaceutical companies and major foreign corporations skyrocketed 180% from last year to USD 5.1 billion, led by multinational giants such as Eli Lilly and GlaxoSmithKline, the report said.

"Once primarily recognized for generic drug production, South Korea is now transitioning into a global hub for novel innovative drug discovery and advanced drug technologies, bolstered by government support and increasing international investment," said Ophelia Chan, Global Data's senior business fundamentals analyst. "This transition (is) positioning the country as a strategic bridge between Western and Asian markets.”

"In January 2025, South Korea established the National Bio Committee to make the country one of five global leaders in the bio industry by 2035," a related article in Pharmaceutical-technology.com said. "Part of this mandate is to enhance the country's competitiveness in novel drug and advanced biopharmaceutical technology development."

"South Korea joins China as a fast-growing destination for promising pipeline drug candidates," it added. "The future of the US and European pharma industries’ relationship with Chinese and South Korean companies will require sturdy trade relationships between the regions."

xuaiy@korea.kr