Drug exports escape ‘COVID-19 endemic slumps’ with botox

KRW 1.48 billion →KRW 1.72 billion…As per quarterly export value, it’s the highest in 2 years

Botolinum toxin export value increased by 16%...Vaccine export value decreased by 41%

The export values of drugs developed by Korean pharmaceutical companies increased 16% year-over-year in Q1.

 

Compared to other quarters, it is the highest amount two years after Q1 of 2022.

 

The export performances of domestic drugs had stagnated after the announcement of the endemic.

 

However, the pharmaceutical industry has a positive outlook, as exports have started to recover since Q3 last year.

 

According to the Korea Customs Service, exports of domestic drugs amounted to US$1.72 billion (approximately KRW 2.38 trillion).

 

This is an increase of 16.1% over a year, compared to US$1.4 billion in Q1 of 2023.

 

Around the same period, drug imports amounted to US$2.24 billion (approximately KRW 3.1 trillion), down 6.7%.

 

As exports increased while imports decreased, the trade balance improved from KRW 925.38 million at loss to KRW 527.21 million at loss.

 

Domestic drug exports have skyrocketed during the prolonged COVID-19 pandemic.

 

In Q4 of 2020 and Q1 and Q4 of 2021, export values increased to over US$2 billion.

 

Domestically produced COVID-19 vaccines played a significant role in boosting the export performance at that time.

 

Quarterly drug exports (Unit: US$1 million, Source: Korea Customs Service).

After the announcement of the COVID-19 endemic, export values declined due to decreased exports of domestically produced vaccines.

 

Since Q4 of 2022, the export value has been consistently around US$1.5 billion, gradually decreasing.

 

However, it was KRW 1.27 billion in Q3 of last year, the lowest after the endemic, but rebounded.

 

The export value increased to US$1.6 billion in Q4 last year and over US$1.7 billion in Q1 of this year.

 

It is the highest quarterly value since Q1 of 2022.

 

Among major items, Botolinum toxin exports increased while vaccine exports decreased.

 

Botolinum toxin exports in Q1 amounted to US$87.95 million (approximately KRW 120 billion), up 16.3% compared to US$75.64 million in Q1 of last year.

 

In terms of countries, the export of botulinum toxin to the United States increased by 16.4% from US$14.5 million to US$16.88 million.

 

Exports to China doubled from US$7.26 million to US$14.65 million.

 

Exports to Japan increased by 64.1% from US$4.11 million to US$6.74 million.

 

However, exports to Brazil decreased by 31.1% from US$9.73 million to US$6.71 million, and exports to Thailand decreased by 18.2% from US$6.53 million to US$5.34 million.

 

Quarterly export values of vaccines and botolinum toxin (Unit: KRW 100 million, Source: Korea Customs Service).

Vaccine exports decreased by 40.5% from US$135.6 million in Q1 of last year to US$61.59 million (approximately KRW 85 billion) in Q1 this year.

 

The last export of domestically produced COVID-19 vaccines was in Q1 last year.

 

However, COVID-19 vaccine exports sharply declined, steadily decreasing until Q4 and rebounding in Q1 this year.