Korea’s Biopharmaceuticals market size

increased by 11.6% from the previous year

The current state of the domestic biopharmaceuticals industry is presented below based on 2016 statistics on medicine announced by the Ministry of Food and Drug Safety.
The biopharmaceuticals market volume in 2016 was 1.83 trillion won, 11.6% increase from1.64 trillion won in 2015.
The domestic production of biopharmaceuticals was 2.00 trillion won in 2016, a significant increase by 16.7% from 1.72 trillion won in 2015.
Export volume in 2016 was 1.06 billion dollars (1.23 trillion won), which is increased by 31.5% from 2015 (80 9.24 million dollars, 915.6 billion won) and import volume increased by 23.5% from 738.22 million dollars, (8 35.3 billion won) in 2015 to 911.39 million dollars ( 1.05 trillion won) in 2016.

2016 major characteristics of biopharmaceuticals market in Korea are summarized below.

▲ Continued increase in the number of approvals for clinical trials  
▲ 1 trillion won export volume with trade surplus for 2 consecutive years
▲ Production volume marked 2 trillion won for the first time 
▲ Significant increase in the export of Remsima, the No. 1 export item 

Statistical analysis of IND approval show that the total number of IND approved in 2016 was 628 and it was 8% decrease from 2015 (674 approvals). On the contrary, the number of approvals of biopharmaceuticals increased by 12% from 202 in 2015 to 226 in 2016.

The export volume of biopharmaceuticals in 2016 was 1.06 billion dollars (1.23 trillion won), which is increased by 31.5% from 2015 (809.24 million dollars, 915.6 billion won). The export has increased rapidly with annual growth rate of 29.8% for the past 5 years.
The trade surplus of biopharmaceuticals in 2016 increased by 120.3% in 2016 from 2015 (8 0.3 b illion won) to 177 billion won recording trade surplus for 2 consecutive years.
The largest export destination was Croatia (397.96 million dollars, 461.7 billion won) followed by Hungary (146.71 million dollars, 170.2 billion won), Pan American Health Organization (PAHO) (91.58 million dollars, 100.8 billion won) and UNICEF (83.4 million dollars, 92.8 billion won). Exponential growth (356.3%) of export to Croatia depended on export of the monoclonal antibody biosimilar Remsima. Major items exported to international organizations such as PAHO or UNICEF were WHO prequalified (PQ) vaccines.

The production volume last year increased by 16.7% from 2015 (1.72 trillion won) to 2.79 trillion won breaking the 2-trillion mark for the first time. Various products and areas grew evenly including recombination protein products,  toxin and antitoxin products, and vaccines.
In terms of biopharmaceutical production, Remsima topped the list with 413.9 billion won followed by Quinvaxem Injection (93.3 billion won), Green Cross Albumin Injection 20% (72.8 billion won) and Hepabig Injection (61.5 billion won) for Hepatitis B treatment, and Suduvax Injection (59.3 billion won)

Fore more details, visit the website of KoBIA.