$25.5 billion in exports to the health industry

It rose 23.9% including biosimilars.

The Promotion Agency announced the 2022 Health Industry Export Trend and 2023 Export Forecast

Next year, it is expected that the "good son industry" will surpass $10 billion for the first time on a single basis

Exports of health medicine-related industries this year amounted to $25.5 billion, similar to last year, but the export of medicines such as biosimilars and vaccines was notable.

 

The pharmaceutical sector is expected to surpass $10 billion for the first time next year based on a single item, raising expectations as a next-generation "good son export sector." The Health Industry Promotion Agency (Acting Director Kim Young-ok) announced the "2022 Major Export Performance and 2023 Export Forecast" this afternoon (7th).

 

Although it recorded the highest performance in the first half of the year* thanks to increased demand for COVID-19 vaccines, treatments, and diagnostic products, the decline in quarantine goods (vaccines and diagnostic products) was noticeable due to full-scale enddemicization in the second half.

 

Looking at export trends in the first half of 2022, it grew by 8.5% to a total of $13.35 billion, of which pharmaceuticals increased by 45% to $4.35 billion.

 

Medical devices grew 5.2% to $4.93 billion, and cosmetics fell 11.9% to $4.06 billion.

 

In particular, exports of medicines are expected to increase by 23.9% year-on-year due to biopharmaceuticals (biosimilars) and vaccines, but exports of medical devices and cosmetics are expected to decrease by 7.3% and 10.1% due to the full-fledged COVID-19 endemic and worsening external conditions.

 

This year, the average monthly export of the health industry was $20.8 billion, continuing positive growth for 33 months since September 2019, and turning to negative growth since June this year.

 

By industry, pharmaceutical exports are expected to rise 15.5% year-on-year to $10.1 billion, cosmetics are expected to rise 6.7% to $8.8 billion, and medical devices are expected to fall 6.2%, to $8 billion.

 

Exports by region are expected to grow 5.8 percent to $13.6 billion, Europe to $6.8 billion, and North America to $4.2 billion, with Asia/Pacific exports expected to account for more than half.

 

Diagnostic products, which had increased exports due to the global pandemic, are expected to continue to decline in exports, and exports of anti-pathogenic biological drugs such as biosimilars and toxins will continue to increase, accounting for 23.8% of the market share (based on division).

 

Among them, pharmaceutical exports are expected to surpass $10 billion next year, up 15.5% from this year, based on the first single item ever.

 

Exports of vaccines and treatments, which have soared since the end of last year, are expected to gradually decrease, and overall exports of medicines are expected to grow steadily due to continued demand for biosimilars.

 

In the case of medical devices, exports are expected to fall 6.2% from this year to $8 billion next year.

 

Existing major items such as ultrasound imaging devices, implants, and radiographic devices are expected to exceed exports in 2019, before COVID-19, thanks to a rapid recovery.

 

On the other hand, exports of reagents for diagnosis in Korea are expected to gradually decrease as demand for COVID-19-related products decreases worldwide.

 

Han Dong-woo, head of the Health Industry Innovation Planning Division at the Promotion Agency, said, "In 2023, health industry exports are expected to increase 5.4 percent year-on-year to $26.9 billion as cosmetics exports turn positive along with steady exports of medicines." "Since COVID-19, our health industry has proven its growth potential due to rapid increases in exports, but it may be more sensitive to external shocks such as weak economic conditions, global supply chain instability, high export dependence on the U.S.

 

and China, and policies to strengthen protectionism," Han said.

 

Meanwhile, the agency explained that it is working to support the industry and support government policies by providing information on exports and imports in the health industry, investigating overseas perceptions of the health industry, analyzing the impact of supply chain reorganization, and collecting opinions from the industry.