Can South Korea Achieve Its Ambitious Goal of Doubling Bio Exports by 2030?
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Synopsis
South Korea's bold new plan aims to double biohealth exports by 2030 and secure a spot among the top five countries globally. With ambitious targets including new drug developments and reduced regulatory timelines, the nation is poised to revolutionize its bio sector. Discover how this initiative could transform South Korea into a global bio powerhouse.
Key Takeaways
- South Korea aims to double biohealth exports by 2030.
- New blockbuster drugs and clinical trials are key targets.
- Government plans to reduce review times for biosimilars.
- Global pharmaceutical market is growing rapidly.
- South Korea's bio sector is poised for significant growth.
Seoul, Sep 6 (NationPress) South Korea has launched an initiative aimed at significantly enhancing its biohealth sector by targeting a doubling of export values by 2030 and achieving a position among the world's top five nations in this field.
The newly introduced "K-Bio Leap Strategy," revealed during a seminar in Songdo, west of Seoul, outlines ambitious goals for the industry, including the development of three new blockbuster medications and a plan to secure the third place globally in clinical trials by 2030.
South Korea currently excels in contract development and manufacturing (CDMO) services as well as biosimilars, holding a rank of approximately 10th worldwide with biopharmaceutical exports reaching US$5.8 billion last year, according to Yonhap news agency.
The objective is to achieve a doubling of exports within the next five years.
To facilitate quicker market entry, the government intends to reduce the review period for biosimilars from 406 days to 295 days and to shorten the reimbursement listing timeframe under the national health insurance program from 330 days to 150 days.
Last year, the global pharmaceutical market reached $1.74 trillion—approximately three times larger than the semiconductor sector—and is projected to grow at an annual rate of 4.7 percent, as per government statistics.
In contrast, biopharmaceuticals are witnessing even more rapid expansion, with an annual growth rate of 11.9 percent.
President Lee Jae Myung presided over the seminar, accompanied by government officials and around 130 industry leaders, associations, and stakeholders to deliberate on regulatory reforms and strategies for growth.
Lee expressed confidence in South Korea's potential to become a global bio powerhouse, citing its exceptional research talent and world-class manufacturing capabilities.
"Feedback from this seminar will be vital as we quickly implement the K-Bio Leap Strategy and position the biohealth sector as a sustainable growth engine," he stated.
In May, 'Bio Korea 2025,' the largest health and pharmaceutical trade fair in South Korea, attracted around 750 companies globally to showcase cutting-edge technological advancements and trends in the bio sector.
Point of View
South Korea's commitment to bolstering its biohealth industry through the K-Bio Leap Strategy showcases a promising vision for the future. The plans to double exports and enhance regulatory processes reflect a proactive approach to global competitiveness. This strategy not only aims to establish South Korea as a leader in biohealth but also ensures that the nation remains a significant player in the evolving pharmaceutical landscape.
NationPress
20/09/2025
Frequently Asked Questions
What is the K-Bio Leap Strategy?
The K-Bio Leap Strategy is South Korea's initiative aimed at doubling biohealth exports by 2030 and securing a place among the world's top five biohealth nations.
How much are South Korea's biopharmaceutical exports?
Last year, South Korea's biopharmaceutical exports amounted to approximately US$5.8 billion.
What reforms are planned to aid the biohealth industry?
The government plans to reduce the review period for biosimilars and cut the reimbursement listing time under the national health insurance program.
What is the expected growth rate of the biopharmaceutical market?
Biopharmaceuticals are growing at an impressive annual rate of 11.9 percent.
What role did President Lee Jae Myung play in this initiative?
President Lee Jae Myung hosted the seminar where the K-Bio Leap Strategy was unveiled and emphasized the country's potential as a global bio powerhouse.
