[Alpha Biz=(Chicago) Reporter Paul Lee] Thanks to the growth of biopharmaceuticals, domestic pharmaceutical production hit a record high last year.

The Ministry of Food and Drug Safety announced on the 28th that its production performance in 2022 was KRW 28.95 trillion, up 13.6% from the previous year (KRW 25.49 trillion). According to the Ministry of Food and Drug Safety, drug production has grown 8.2% annually over the past five years, four times the average annual growth rate of the entire manufacturing industry (2.2).

Biopharmaceuticals are particularly noteworthy. Biopharmaceutical production reached 5 trillion won for the first time last year, and has been growing at an annual average rate of 20% over the past five years.

Exports also reached 3.6 trillion won, up 75.5 percent from the previous year. The Ministry of Food and Drug Safety cited the expansion of exports and the supply of vaccines for biosimilars, a traditional beneficial item of biopharmaceuticals, as reasons for the increase in performance.

 

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