Drug export breaks record making near KRW 7 trillion

Accumulated export as of November marks USD 5.9 billion, already exceeded last year total

Surged export narrows import and export gap the most in ten years

The South Korean-made pharmaceutical export broke the record this year.

 

The accumulated export volume up to November has already exceeded the total export volume in last year.

 

Due to a steep surge in pharmaceutical export, the industry trade performance is expected to hit the highest point in the history.

 

According to the Korea Customs Service on Dec.

 

15, the cumulative pharmaceutical export in November reached USD 5.89 billion (approximately 6.44 trillion won).

 

Keeping up the inclining trend, the figure could even hit 6.4 billion dollars (7 trillion won) by the end of the year.

 

This year has already recorded the highest pharmaceutical export volume.

 

Even since August, the accumulated export volume has passed the last year’s total export volume 3.70 billion dollars (approximately 4.4 trillion won).

 

Yearly volume of pharmaceutical export reported by the Korea Customs Service (Unit: USD 1 million)

As of November this year, the pharmaceutical import volume marked 6.82 billion dollars (approximately 7.42 trillion won).

 

Compared to the same 11 months last year generating 6.01 billion dollars (approximately 6.55 trillion won), this year’s figure was increased by 13 percent.

 

The import volume is expected to increase up to 7 billion dollars by the year end.

 

But as the export volume skyrocketed compared to the import volume, the gap between the pharmaceutical import and export is also expected to narrow down the most in the history.

 

The last year’s import and export had deficit of 2.98 billion dollars, which was lowest since 3.21 billion dollars in 2014.

 

The deficit in this year as of November was 911 million dollars.

 

Since 2010, the pharmaceutical trade deficit was constantly above the 2.5 billion dollar-line.

 

Yearly trade balance in pharmaceutical products reported by the Korea Customs Service (Unit: USD 1 million)

By month, the trade balance made surplus four times this year.

 

The trade surplus of 40.38 million dollars, 6.28 million dollars, 82.90 million dollars ad 65.25 million dollars were reported in May, August, September and November, respectively.

 

Ever since the industry statistics were collected, the monthly trade balance has never made surplus.

 

Monthly trade balance in last two years (Unit: USD 1 million) Source: Korea Customs Service

The pharmaceutical industry analyzes the big leap in biosimilar export has played a significant role in breaking the record of pharmaceutical export and trade balance performance.

 

In fact, the half-year report each submitted to the Financial Supervisory Service by Celltrion Healthcare ad Samsung Biologics found the two companies have generated export volume of 777.2 billion won and 380.5 billion won, respectively.

 

Compared to last year same time, both companies have made historic records.

 

Celltrion’s exports in Europe and the U.S.

 

have been impressive.

 

From early this year, the company started marketing Remsima SC in Europe, and their Truxima and Herzuma have started making revenue in the U.S.

 

Remsima SC is the world’s first subcutaneous injection with infliximab substance.

 

Samsung Biologics’ performance started to take off from the second half of last year, and its business entered a stable state.

 

The comprehensive performance was boosted by the overall production capacity increased with the third manufacturing plant in full motion, and CMO sales leaned heavy on more highly priced products.