This year, the scale of overseas technology export contracts from Korean corporations has surpassed last year's total figure early on.
According to the Korea Biotechnology Industry Organization and the British data analysis and consulting corporation Global Data on the 19th, the total amount of pharmaceutical technology transfer contracts signed by Korean corporations this year is $7.68 billion (approximately 10.68 trillion won), reflecting an increase of 113% compared to last year's performance.
In particular, the scale of technology exports aimed at global big pharma corporations increased by 180% ($5.1 billion) compared to last year. This year, major pharmaceutical companies such as Eli Lilly from the U.S. and GlaxoSmithKline from the U.K. signed large contracts with Korean corporations.
In February, the domestic gene therapy development corporation OliX Pharmaceuticals transferred technology for a candidate treatment for metabolic dysfunction-associated fatty liver disease to Eli Lilly for up to $630 million (approximately 90 billion won at that time).
In April, ABL Bio signed a multi-program contract with GSK to transfer the company's brain delivery platform technology, with a combined contract value reaching up to £2.075 billion (approximately 4.1 trillion won). In May, the unlisted corporation Rznomics, which develops gene therapies, signed a technology transfer contract with Eli Lilly worth approximately 1.9 trillion won for an RNA-based treatment.
This year, the country with the highest number of global pharmaceutical technology transfer transactions is China, but Korea has also emerged as a destination sought by big pharma.
Ophelia Chan, a senior analyst at Global Data, noted, "Korea was once recognized as a market for the production of generics, but is now transitioning into a global hub for the discovery of innovative drugs and advanced pharmaceutical technologies, thanks to government support and increased international investment." She added, "Korea is playing a strategic bridge role connecting Western and Asian markets, facilitating cooperation among global pharmaceutical companies."
As U.S.-China tensions deepen, there are analyses suggesting that global pharmaceutical companies are diversifying their investment locations outside of China, creating more opportunities for Korean corporations.
The global management consulting corporation Bain & Company stated in a report published on the 31st of last month that "due to policy uncertainty, global pharmaceutical companies are pushing for diversification within the Asia-Pacific region," adding that "particularly Singapore and Korea are creating opportunities to benefit."
Meanwhile, the pharmaceutical exports of Korean corporations also showed a favorable trend. The Ministry of Food and Drug Safety announced in June this year that last year's pharmaceutical export performance was 12.6749 trillion won, marking an increase of 28.2% compared to the previous year. The import performance recorded 11.5085 trillion won, up 7.5% from the previous year. Last year's trade surplus was 1.1664 trillion won, representing a return to the black for the first time in three years.