The government earlier announced that it will ramp up efforts to help local pharmaceutical and bio companies make inroads into foreign countries as the domestic market is deemed relatively small. (image: Korea Bizwire)
SEOUL, Jan. 22 (Korea Bizwire) — Exports of drug-manufacturing technologies by South Korean pharmaceutical and bio companies reached nearly 5.3 trillion won (US$4.7 billion) in 2018 thanks to their efforts to tap into overseas markets, government data showed Tuesday.
According to the data by the Ministry of Health and Welfare, industry player Yuhan Corp. and other pharmaceutical companies clinched a combined 11 deals on technology exports and out-licensing last year.
The value of 11 agreements came to 5.26 trillion won in 2018, nearly up 3.8 times from eight deals worth 1.39 trillion won a year earlier, the ministry said.
The government earlier announced that it will ramp up efforts to help local pharmaceutical and bio companies make inroads into foreign countries as the domestic market is deemed relatively small.
Yuhan was the biggest exporter last year by clinching a 1.45 trillion-won deal with global pharmaceutical heavyweight Janssen Biotech for Lazertinib, a novel clinical-stage therapeutic candidate for the treatment of patients with non-small cell lung cancer.
(Yonhap)
