Sanaa:South Korea's exports of biopharmaceutical products hit a record $6.6 billion in the first nine months of this year, driven by strong demand in Europe, as government data revealed.
According to Yonhap News Agency, the exports increased by 15.8 percent from the previous year during the January-September period, as reported by the Ministry of Food and Drug Safety.
These biopharmaceutical shipments made up about 73 percent of South Korea's total pharmaceutical exports, which amounted to $9 billion in the same timeframe. In the third quarter alone, exports rose 15.6 percent on-year to $2.07 billion.
The United States emerged as the largest export destination, receiving $1.07 billion, constituting 16.3 percent of all shipments. Switzerland and Hungary followed with exports reaching $1.01 billion and $920 million, respectively.
European markets showed particularly strong growth, with seven of South Korea's top 10 export destinations located there. This growth was partly fueled by a high demand for contract development and manufacturing organization (CDMO) services and biosimilar products.