NewKerala.com

South Korea's Biotech Boom: 9.8% Growth Amid Global Economic Uncertainty

South Korea's biotechnology industry has made an impressive comeback with nearly 10% growth in 2024. The sector reached 22.92 trillion won in output, bouncing back strongly from last year's decline. Therapeutic antibodies and cytokine products led the production categories, showing particular strength in medical applications. With exports rising over 17% and R&D investments surging 46%, the industry appears positioned for continued expansion.

Key Points: South Korea Biotech Industry Output Rises 9.8 Percent in 2024

  • Industry output reached 22.92 trillion won, up from 20.87 trillion in 2023
  • Therapeutic antibodies led production at 4.86 trillion won
  • Exports surged 17.1 percent while R&D investments jumped 46.1 percent
  • Sector marks recovery after 12 percent decline in previous year
2 min read

S. Korea's biotech industry output rises 9.8 pc despite global uncertainty

South Korea's biotechnology sector shows strong recovery with 9.8% output growth and 17.1% export increase despite global trade uncertainties in 2024.

"The government will expand support for companies in R&D, production and exports - Ministry of Trade, Industry and Energy official"

Seoul, Nov 11

South Korea's biotechnology industry output grew nearly 10 per cent in 2024 from a year earlier despite persistent global trade uncertainties, industry data showed on Tuesday.

The country's biotechnology industry production came to 22.92 trillion won (US$15.7 billion) last year, up from 20.87 trillion won in 2023, the Ministry of Trade, Industry and Energy (MOTIE) said, citing a survey by the Korea Biotechnology Industry Organization (KoreaBIO).

The figure marked a recovery following a 12 percent on-year decline in 2023, signaling renewed growth momentum in the sector, reports Yonhap news agency.

By product category, production of therapeutic antibodies and cytokine products reached 4.86 trillion won, followed by biomanufacturing and contract services at 3.21 trillion won, and feed additives at 3.11 trillion won, the data showed.

Exports in the sector rose 17.1 percent on-year in 2024, while related R&D and facility investments jumped 46.1 percent, the ministry said.

"The government will expand support for companies in R&D, production and exports to ensure the bio industry contributes more to the country's economic growth and job creation," a ministry official said.

Meanwhile, Seoul shares opened higher on Tuesday, tracking overnight gains on Wall Street, amid hopes for an end to the U.S. government shutdown.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 89.06 points, or 2.19 percent, to 4,162.30 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average gained 0.81 percent, while the tech-heavy Nasdaq Composite advanced 2.27 percent.

The U.S. Senate advanced a plan to end the record-long government shutdown, and President Donald Trump expressed support for the bipartisan deal.

In Seoul, most large-cap stocks traded higher.

Market bellwether Samsung Electronics jumped 3.88 percent, and its chip rival SK hynix climbed 3.3 percent.

Top automaker Hyundai Motor rose 0.74 percent, while its smaller affiliate Kia gained 0.97 percent.

- IANS

Share this article:

Reader Comments

R
Rohit P
Therapeutic antibodies and cytokine products leading at 4.86 trillion won shows where the real value is. Indian pharma companies should focus more on these high-value biotech segments rather than just generic drugs.
A
Aditya G
The 46.1% jump in R&D investment is the key takeaway here. While our Indian biotech sector is growing, we need similar commitment to research funding. Hope our budget allocations reflect this priority.
S
Sarah B
As someone working in the Indian biotech industry, I appreciate seeing these international benchmarks. However, we should also celebrate our own achievements - India's biotech sector crossed $80 billion recently! Let's build on our strengths 💪
V
Vikram M
The stock market response shows investor confidence in biotech. In India, we need better policies to attract foreign investment in this sector. Regulatory hurdles and slow approvals are still major challenges that need addressing.
M
Meera T
Great to see global biotech growth! India has immense potential in this field with our talented scientists and lower production costs. We just need the right government support and infrastructure. Jai Hind! 🇮🇳

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50