Value output of S. Korea's bio sector up 16.2% in 2019

South Korea's bio-industry increased its value output by 16.2 percent to 12.32 trillion won in 2019 from 10.48 trillion won the previous year due to robust growth of the outsourced business.

According to data from the Korea Biotechnology Industry Organization, the value of outsourced services that include contract research organization (CRO) and contract manufacturing organization (CMO) businesses jumped 21.1 percent on-year.

South Korea's exports of bioproducts, which rose 28.1 percent on-year to 6.71 trillion won in 2019, largely contributed to the value output.

The exports consisted of biomedicine products accounting for 39 percent, followed by bio-related food at 35.8 percent, and bio services at 12.2 percent.

The exports of cytokine products, including biosimilars, surged 50.7 percent on-year in 2019.