South Korea’s exports of pharmaceutical and biotech products in the first half of 2024 rose 55 percent compared with a year earlier, Yonhap news agency reported on June 29.
The country exported 4.5 trillion won ($3.26 billion) worth of pharmaceutical and biotech products in the first six months of the year, up 55 percent from 2.9 trillion won in the same period last year, according to the Korea Pharmaceutical and Biopharmaceutical Manufacturers Association.
The number of export deals fell from 12 to seven during the period, but the value of each deal increased significantly, the association said, adding that the value of each of the three deals signed this month exceeded 500 billion won.
At the current rate, the country’s annual GDP is expected to reach 8 trillion won, according to the association.
“This means that the competitiveness of our country’s pharmaceutical and biopharmaceutical technologies has increased significantly.”said a representative of the association.
Source: Rossa Primavera
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