Korea's bio pharmaceutical exports ranks 7th in world

Seoul [South Korea], July 27 (ANI/Global Economic): Korea's bio pharmaceutical exports rose from 9th to 7th in the world last year. As it is important to establish a stable supply chain of essential medicines during the COVID-19 pandemic in major countries such as the US and the European Union, it is analyzed that global supply chain reorganization opportunities should be actively utilized.
According to a report released by the Korea International Trade Research Institute (KITRI) of Korea International Trade Association (KITA) on Monday, Korea's bio pharmaceutical exports increased by 139.1 per cent year-on-year and recorded 5.1 billion dollars despite the spread of the COVID-19.
The export ranking also jumped two notches from 9th to 7th.
In particular, it is analyzed that the index of export competitiveness improved significantly since the COVID-19 outbreak, and surpassed major competitors such as the US, EU, China, and Japan.
According to a supply chain research conducted by the US White House last month, 73 per cent of raw drug manufacturing facilities in the US are located overseas, so essential drug supply chain highly dependent on overseas chain and vulnerable to risk.
As a result, the US government is promoting to reorganize the drug supply chain by expanding domestic production of essential medicines, and securing inventory and strengthening cooperation with allies.
The report analyzed that this trend is likely to act as a new opportunity for Korea, which has sufficient capacity to manufacture biopharmaceuticals.
The report explained that the trend of global pharmaceutical market is shifting from synthetic drugs to biopharmaceuticals, and Korea, a pioneer in the biosimilar business, is leading the global market and has higher export competitiveness than major competitors, such as the US, China, and Japan.
It is also analyzed that Korea will have advantages of achieving global capabilities of domestic companies, securing large new markets, and stopping China's pursuit by strengthening cooperation with allies such as the US. (ANI/Global Economic)