Korean Biosimilars and Diagnostic Kits Perform Well... Record High Health Industry Exports Last Month

Monthly Health Industry Export Status Since September Last Year

[Asia Economy Reporter Choi Dae-yeol] Last month, the export value of the health industry exceeded 2 billion dollars for the first time since records began. Pharmaceuticals, medical devices, and cosmetics all showed balanced growth.

According to the export status announced by the Korea Health Industry Development Institute on the 26th, last month's export value was 2.3 billion dollars, an increase of about 69% compared to the same period last year. After recording the highest ever export of 1.82 billion dollars in March this year, a new record was set six months later. This marks 13 consecutive months of positive growth since September last year.

By sector, pharmaceuticals reached 840 million dollars, an 85% increase compared to the same period last year. Cosmetics exports were also recorded at 840 million dollars, up about 49% during the same period, while medical devices increased by about 83% to 620 million dollars.

By individual product, basic cosmetics products (390 million dollars), immune products (290 million dollars), and other immune products (270 million dollars) were sold in large quantities. Overseas market sales of biosimilar drugs and demand for contract manufacturing of pharmaceuticals (CMO) increased, and exports of diagnostic devices also showed strong performance.

As the resurgence of the novel coronavirus infection (COVID-19) spread, the number of countries seeking diagnostic products, including those for COVID-19, increased. Exports of diagnostic products amounted to 290 million dollars, a 1249% increase compared to the same period last year, and nearly 60% increase compared to August. This is the highest ever. By country, the United States imported the most of our diagnostic products at 53.01 million dollars, with significant exports also to India, Italy, and Spain.

By export country, China recorded 580 million dollars, a 48% increase compared to last year, and all top-ranking countries including the United States, Germany, and Japan showed an upward trend. In the case of India and Turkey, our pharmaceutical exports increased significantly, rising to 5th and 6th place respectively. The cumulative export value from January to September this year was 15.2 billion dollars, a 34% increase compared to the same period last year.

Shin Yoo-won, head of the Industrial Statistics Team at the Korea Health Industry Development Institute, said, "Last month's exports set record monthly export values for pharmaceuticals, medical devices, and cosmetics," adding, "Achieving these records despite the COVID-19 situation is the result of the domestic bio-health industry performing well in the global market."

This content was produced with the assistance of AI translation services.