South Korea's biopharmaceutical exports reached $2 billion (approximately 3 trillion won) in the first quarter of this year, up 11.1% from the same period last year and marking an all-time high, the Ministry of Food and Drug Safety announced on the 10th.
On a monthly basis, January and February exports increased 11.9% and 25.4% year-on-year to $660 million (approximately 970 billion won) and $690 million (approximately 1 trillion won), respectively. March exports came in at $650 million, similar to the same period last year, showing overall steady performance. The strong results are attributed to Korea's growing share in the global biopharmaceutical market and expanded competitiveness in contract development and manufacturing organization (CDMO) services.
Switzerland was the largest export destination in the first quarter. Exports to Switzerland totaled $340 million (approximately 500 billion won), accounting for 17% of total exports and ranking highest by share. The top five countries—including the United States ($330 million), Hungary ($300 million), Germany ($200 million), and the Netherlands ($190 million)—accounted for 68.4% of total exports.
Exports to Switzerland surged 70% from the same period last year, pushing the country from fourth place in Q1 last year to first place in Q1 this year. The increase in exports to Europe is attributed to a combination of factors including partnerships and technology transfers with global pharmaceutical companies, as well as a favorable environment for biosimilars.
The government is pursuing regulatory improvements, customized information services, and regulatory diplomacy with major export destinations to enhance the global competitiveness of Korean biopharmaceuticals and support overseas market entry. In December last year, the government enacted the "Special Act on Regulatory Support for Biopharmaceutical CDMO Companies" to support the rapidly growing biopharmaceutical CDMO market. When the law takes effect later this year along with the introduction of an export manufacturing registration system, CDMO companies focused on exports will be able to enter global markets without obtaining domestic pharmaceutical manufacturing licenses. The ministry is also pushing for innovation in biopharmaceutical approval and review processes to enable the world's fastest launch of safe medicines.
"We will continue to strengthen the international competitiveness of Korean biopharmaceuticals through reasonable regulatory improvements and institutional and technical support, while creating an environment where the public can use them with confidence through thorough safety management," the ministry said.
