Korea’s pharmaceutical industry has grown at an annual rate of 7.1 percent in the 2015-2019 period led by locally developed novel therapies and biosimilars, nearly three times faster than the manufacturing sector, government data showed on Monday.

Exports of Korean medicines, vaccines and other medicinal products last year hit an all-time high of close to $5.2 billion, while the domestic pharmaceutical market was valued at 24.3 trillion won ($2.03 billion), up from 5.2 percent a year ago.

Finished medicinal products accounted for nearly 90 percent, and prescription drugs of such products amounted to 16.62 trillion won. Combined sales of 21 home-grown novel drugs were 235 billion won last year, up 26.4 percent from a year earlier.

By company, Hanmi Pharmaceutical remained atop the list of production volume with 1.01 trillion won. It was followed by Chong Kun Dang (856.1 billion won), Daewoong Pharmaceutical (739.2 billion won), Green Cross (682 billion won), and Celltrion (592.6 billion won).

Last year’s exports of Korean pharmaceuticals soared 11.2 percent on year to $5.19 billion and the largest importer of Korean pharmaceuticals was Japan with $575.8 million, followed by Germany and the United States. Korea’s pharmaceutical imports increased 6.2 percent.

Biosimilars represented 68.2 percent, or $874.5 million, of all exported biologics. The country’s biologics drug market was valued at 2.6 trillion won last year, up 16.6 percent from a year ago.

By Pulse

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