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Korea’s drug exports hit record high in 2018, industry group says
  • By Kim Yun-mi
  • Published 2019.02.27 13:08
  • Updated 2019.02.27 13:08
  • comments 0

Won Hee-mok, president of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA), praised the pharmaceutical industry that it recorded the largest drug exports last year.

He urged the government to ease regulations on pharmaceuticals and create a national strategic plan to nurture the sector.

“The Korean pharmaceutical industry has shown remarkable achievements recently. Last year, the industry shipped over 4 trillion won ($3.57 billion) worth products to over 170 countries based on steady R&D and technological power,” Won said at the KPBMA’s regular general meeting at the association’s headquarters in southern Seoul, Tuesday.

The Korea Pharmaceutical and Bio-Pharma Manufacturers Association holds a regular general meeting at the KPBMA’s headquarters in southern Seoul, Tuesday.

Local drugmakers signed huge licensing-out deals worth with multinational pharmaceutical giants through open innovation, he said. “A series of approval for Korean medicines in the U.S. and Europe proved that Korean pharmaceuticals were globally competitive,” he added.

Won noted that the pharmaceutical industry held a job fair for the first time last year to help the economy overcome worsening unemployment problems.

He gave thanks to KPBMA members, the government, lawmakers, and the medical community for supporting the pharmaceutical sector to a fast-growing industry.

Won emphasized that as pharmaceutical firms have a rare chance of developing a new drug despite high costs and long time, they need a practical easing of regulations and a national growth-supporting strategy.

He hoped to see that the pharmaceutical industry’s challenging spirit and the government’s support for the sector could create a synergy effect to strengthen the overall capacity of drugmakers in 2019.


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