Sizzling Growth for Republic of Korea Biopharmaceuticals Market

Biosimilar medicines made up the lion’s share of 2019 biopharmaceutical exports from the Republic of Korea, whose biopharmaceutical market is expanding rapidly.

The country exported $1.28 billion in biopharmaceuticals last year, 68.2%, or $874.5 million, of which were biosimilars, according to a report in the Korea Biomedical Review, citing government information.

The Republic of Korea biopharmaceutical market also expanded to $2.17 billion in 2019, up 16.6% from the previous year, and the market has seen 10.2% annual growth over the past 5 years, the report said.

The United States imported $74.4 million in Republic of Korea biopharmaceuticals in 2019. Overall, Germany was the largest importer, at $264.7 million, followed by Hungary and Croatia, at $233.2 million and $119.5 million, respectively.

The United States also was the largest exporter of biopharmaceuticals to the Republic of Korea, at $382.5 million, followed by Switzerland, with $210.5 million, placing it firmly in second place, the report added.

Celltrion Healthcare’s infliximab (Remsima), rituximab (Truxima), and trastuzumab (Herzuma); LG Chem’s etanercept (Eucept); and Chong Kun Dang’s darbepoetin alfa (CKD-11101), were among the Republic of Korea’s biosimilar exports in 2019, according to the report.

For 2019, Celltrion was the largest biopharmaceutical products producer, followed by GC Pharma, LG Chem, Medytox, and SK Bioscience, the report said.