Medicine Exports Grow 45%
The Korean healthcare industry’s exports increased 22.5 percent in the first quarter of 2020 amid the COVID-19 crisis.
According to the Korea Health Industry Development Institute, Korea’s exports of pharmaceuticals, medical devices, and cosmetics totaled US$4.4 billion in the first quarter of 2020.
By sector, medicine exports reached US$1.7 billion, recording the highest growth rate of 45.0 percent. Cosmetics exports totaled US$1.8 billion, up 16.3 percent from a year ago, while medical devices posted US$900 million, an increase of 4.4 percent.
By export country, Germany came in first with US$300 million, followed by the United States with US$210 million and Turkey with US$200 million. Biosimilars accounted for 52.0 percent of the total exports with US$880 million.
Medical equipment exports to Europe (Italy, Spain, Germany, etc.) and the United States soared, led by COVID-19 diagnostic kits.