Forecast: Pharmaceutical Industry Exports in South Korea

The South Korean pharmaceutical industry has demonstrated significant growth in exports from 2013 to 2023, rising from 1.53 billion USD in 2013 to 11.66 billion USD in 2023. This represents a compounded annual growth rate (CAGR) of 25.62% over the last five years leading up to 2023. The sharpest increase was observed in 2020 with a year-on-year variation of 76.81%, primarily driven by heightened demand linked to the global health crisis.

Analyzing the year-on-year variations in the recent two years: 2022 saw an increase of 20.92% while 2023 witnessed a 17.13% rise, signaling sustained growth but at a moderately decelerated pace compared to the peak in 2020.

Looking forward, the exports are forecasted to maintain an upward trajectory, reaching 19.93 billion USD by 2028. The forecasted CAGR over the next five years is 8.35%, indicating a robust outlook albeit at a more stable and controlled pace.

Future trends to watch for include:

  • Continuous advancement in pharmaceutical R&D driven by government incentives.
  • Expansion of South Korea's role as a global supplier of biosimilars and innovative drugs.
  • The impact of international regulatory changes and trade agreements on export volumes.
  • Adoption of advanced manufacturing technologies and digital health initiatives.