South Korea's bio-health industry exports reached a record $27.9 billion (approximately 40.9 trillion won) last year. Pharmaceutical exports exceeded $10 billion for the first time, while cosmetics achieved record highs for the second consecutive year.
The Ministry of Health and Welfare held a meeting with pharmaceutical, medical device, and cosmetics industry representatives on the 3rd to announce the "2026 Outlook and Export Promotion Plan." Bio-health exports grew 10.3% from the previous year's $25.3 billion, making it Korea's eighth-largest export sector following semiconductors and automobiles.
Pharmaceutical exports broke through the $10 billion mark for the first time, reaching $10.4 billion (approximately 15.3 trillion won). Biopharmaceuticals, accounting for more than 60% of total pharmaceutical exports, led the growth at $6.5 billion. Notably, advanced markets including the U.S. and Europe represented 39.5% of exports. Medical device exports reached $6 billion, driven by a recovery in in-vitro diagnostics and growth in general medical devices.
Cosmetics exports rose 12.2% year-over-year to $11.4 billion (approximately 16.7 trillion won), marking a second consecutive annual record. With the U.S. now the largest export destination, exports to markets beyond the top five countries grew 7.6 percentage points to 43.3%, indicating market diversification into Southeast Asia, the Middle East, and Europe.
The government has set this year's export target at $30.4 billion. To achieve this goal, the ministry plans to invest 233.8 billion won—3.5 times last year's 68.5 billion won—in comprehensive support measures including mega-fund creation, Phase 3 clinical trial support, and raw material supply chain strengthening.
"We will develop bio-health into a core export industry alongside semiconductors, building on our world-leading contract manufacturing capabilities and the popularity of K-Beauty," said Lee Hyung-hoon, Second Vice Minister of Health and Welfare.