Europe powers Korea’s $6.6 billion record biotech exports

Korea's exports of biopharmaceutical products reached a record $6.6 billion in the first nine months of this year, led by robust demand in Europe, government data showed Thursday.

Exports of biopharmaceutical products rose 15.8 percent from a year earlier to an estimated $6.6 billion in the January-to-September period, according to the Ministry of Food and Drug Safety.

The shipments accounted for approximately 73 percent of the country's total pharmaceutical exports of $9 billion during the period, the latest findings showed.

In the third quarter alone, biopharmaceutical exports climbed 15.6 percent on year to $2.07 billion.

The United States was the largest export destination during the nine months, with shipments totaling $1.07 billion, or 16.3 percent of all shipments sent abroad.

Switzerland followed with $1.01 billion, while Hungary came in third place at $920 million.

Exports to Europe showed particularly strong growth, with seven of Korea's top 10 export destinations located in the region, supported in part by robust demand for contract development and manufacturing organization services and biosimilar products.

Yonhap