South Korea’s bio and health exports topped 6 trillion won in the first quarter, extending growth despite external uncertainty including war in the Middle East.
The Korea Biopharmaceutical Association said Sunday that exports from January through March totaled $4.16 billion (about 6.3 trillion won).
March exports rose 6.3% from a year earlier to $1.5 billion (about 2.3 trillion won). February increased 7.1% to $1.31 billion (about 2 trillion won), and January climbed 18.3% to $1.35 billion (about 2.035 trillion won).
The association said biosimilars drove the gains, citing expanding demand in major markets including the United States and the European Union. It said exports have risen for five straight months.
In the United States, about 90% (106) of biopharmaceuticals scheduled to lose patent protection from 2025 to 2034 have no biosimilar candidates in development, the association said, adding that Europe faces a similar situation.
South Korean companies are expanding their presence on the back of those opportunities. Korea was named the country with the most U.S. Food and Drug Administration biosimilar approvals for two consecutive years in 2024 and 2025, the association said. Biosimilar exports rose 50% to $1.47 billion (about 2.2 trillion won) in 2022 from $980 million (about 1.4 trillion won) in 2021.
The association forecast bio and health exports will rise 9% this year to $30.4 billion (about 46 trillion won), topping last year’s record $27.87 billion (about 42 trillion won).
* This article has been translated by AI.
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