The Ministry of Health and Welfare announced on March 6 that South Korean pharmaceutical companies’ total technology exports reached 1.4 trillion won (US$1.2 billion) last year with the exception of secret contracts.
According to the ministry, their export value rose from US3.1 billion to US$3.6 billion between 2016 and the first three quarters of last year and the five-year average growth rate has reached 14.3%.
Last year, South Korean pharmaceutical companies succeeded in exporting more technology based on their improved global competitiveness. They signed a total of eight contracts, worth US$1.23 billion in total, for the purpose in 2017. The number increases when undisclosed contracts are added.
Since 2013, developed countries such as the United States and Europe have approved 10 drugs developed by South Korean companies. Their overseas business performance is likely to keep getting better as their biosimilars as well as new drugs are approved one after another.
The ministry has given the Innovative Pharmaceutical Company title to those meeting certain new drug R&D requirements in South Korea so that the growth of the local pharmaceutical industry can be accelerated. At present, a total of 44 companies have the title.