South Korea's Ministry of Food and Drug Safety released government data on Thursday, showing that South Korea's biopharmaceutical exports reached a new high of 6.6 billion US dollars in the first nine months of this year, driven by strong demand in the European market. From January to September, South Korea's biopharmaceutical exports increased 15.8% year-on-year, and are estimated to reach US$6.6 billion. According to the data, this portion of exports accounted for about 73% of South Korea's total export value of 9 billion US dollars of pharmaceutical products during the same period. In the third quarter alone, biopharmaceutical exports rose 15.6% year over year to US$2.07 billion. In the first nine months, the US was South Korea's largest export destination, with an export volume of 1.07 billion US dollars, accounting for 16.3% of total biopharmaceutical exports. Switzerland ranked second, with an export value of US$1.01 billion; Hungary ranked third with US$920 million. The increase in exports to Europe has been particularly impressive. Seven of South Korea's top ten biopharmaceutical export destinations are located in Europe. The increase was partly due to strong market demand for contract R&D and production) services and biosimilar drugs.

South Korea's Ministry of Food and Drug Safety released government data on Thursday, showing that South Korea's biopharmaceutical exports reached a new high of 6.6 billion US dollars in the first nine months of this year, driven by strong demand in the European market. From January to September, South Korea's biopharmaceutical exports increased 15.8% year-on-year, and are estimated to reach US$6.6 billion. According to the data, this portion of exports accounted for about 73% of South Korea's total export value of 9 billion US dollars of pharmaceutical products during the same period. In the third quarter alone, biopharmaceutical exports rose 15.6% year over year to US$2.07 billion. In the first nine months, the US was South Korea's largest export destination, with an export volume of 1.07 billion US dollars, accounting for 16.3% of total biopharmaceutical exports. Switzerland ranked second, with an export value of US$1.01 billion; Hungary ranked third with US$920 million. Exports to Europe have grown particularly well. Seven of South Korea's top ten biopharmaceutical export destinations are located in Europe. The increase was partly due to strong market demand for contract R&D and production) services and biosimilar drugs.