In the first half of this year, Korea's biohealth industry exports hit a record high for a half-year period. Strong performance in pharmaceuticals and cosmetics drove the result.
The Korea Health Industry Development Institute (KHIDI) said on the 21st that biohealth industry exports in the first half of this year rose 17.5% from a year earlier to $16.12 billion (about 23.74 trillion won). The figure, which combines pharmaceuticals, medical devices, and cosmetics, is the highest ever for a half-year period.
By item, cosmetics exports posted $6.98 billion, up 26.9%, the highest growth rate.
Pharmaceuticals came in at $6.06 billion, up 14.1%, also setting a new half-year record. Medical devices rose 5.9% to $3.08 billion, returning to first-half export growth for the first time in four years.
Pharmaceuticals were led by growth in biopharmaceutical exports. Biopharmaceutical exports reached $3.97 billion, up 18.6% year over year, marking the highest-ever half-year performance. Their share of total pharmaceutical exports also reached 65.4%.
Exports surged particularly in Europe. Biopharmaceutical exports to Switzerland were $750 million, up 63.0%, while Hungary ($600 million, 16.3%), the Netherlands ($440 million, 76.0%), and Italy ($250 million, 146.8%) also posted high growth rates.
In medical devices, exports of ultrasound imaging diagnostic devices and electric medical devices led the upturn. Exports of ultrasound imaging diagnostic devices rose 10.3% to $480 million, a half-year record, while electric medical devices increased 14.5% to $340 million.
Cosmetics saw pronounced growth centered on basic skincare products. Exports of basic skincare products reached $5.47 billion, up 33.1%, the highest ever. Exports expanded sharply in North America and Europe, including the United States (49.6%), the United Kingdom (174.0%), and the Netherlands (297.7%).
Choi Young-im, head of the Biohealth Innovation Planning Division at the Korea Health Industry Development Institute (KHIDI), said, "In the first half of this year, biohealth industry exports maintained solid growth as cosmetics and pharmaceuticals set new half-year records," and added, "In the second half, with continued global demand centered on basic skincare products and biopharmaceuticals, we expect the export growth trend to continue."
However, Choi added, "As policies in major countries and the global market environment change rapidly, agile monitoring of policy changes and preemptive risk management are important."