Korea’s healthcare exports hit record high in H1

Korea’s healthcare exports soared 30.3 percent to a record high in the first half of 2021, compared to a year earlier, government data showed.

According to data by the Korea Health Industry Development Institute (KHIDI), the nation’s shipments of healthcare products amounted to $12.45 billion in the first half, up 30.3 percent from the same period of last year.

By product type, exports of medicines expanded 25.5 percent to $4.78 billion.

Shipments of medical devices also grew 31.4 percent on-year to hit $3.04 billion in the first half.

Exports of pharmaceutical goods reached $4.78 billion in the first half, up 25.5 percent year-on-year. Drug export took up the largest proportion of healthcare exports.

By item, exports of immunity-related products jumped 51 percent on-year to $2.99 billion. Shipments of finished drugs rose 12.3 percent to $290 million, vaccines, up 47 percent to 130 million, and other drug substances, up 39.1 percent to $120 million.

The worldwide spread of the Delta variant of the Covid-19 virus helped boost the sales of Korean rapid diagnostic kits overseas.

In the first half, the nation exported $3.04 billion worth of medical devices, a 31.5 percent increase from a year earlier.

By item, diagnostic agents ranked first with $480 million overseas sales, up 28.4 percent on-year.

All industries faced difficulties due to the sudden outbreak of Covid-19 last year. Still, primary industries’ relatively good performance led to brisk export growth this year, even excluding base effects,” said Han Don-woo, head of the healthcare planning team at the KHIDI.

The healthcare industry is another new growth sector for Korea. The nation should prepare for the post-Covid-19 era in advance to keep advancing the sector, Han added.