Biotech Output Rebounds as Seoul Pledges Broader Support for R&D and Exports

This file photo provided by Samsung Biologics shows its No. 4 plant in Songdo, just west of Seoul. (Image courtesy of Yonhap)

SEOUL, Nov. 11 (Korea Bizwire) – South Korea’s biotechnology industry output grew nearly 10 percent in 2024 from a year earlier despite persistent global trade uncertainties, industry data showed 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.

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.

(Yonhap)