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Output in South Korea's bio industry increased 16.2 percent in 2019 from the previous year on the back of robust growth of outsourced business, industry data showed Thursday.
The value of output in the local bio industry was estimated at 12.32 trillion won ($11.36 billion) last year, compared with 10.48 trillion won a year earlier, according to the data from the Korea Biotechnology Industry Organization.
Noticeably, the value of outsourced services that include contract manufacturing organization (CMO) business and contract research organization (CRO) business jumped 21.1 percent on-year, it said.
The data showed that exports of bio products also jumped 28.1 percent on-year to 6.71 trillion won in 2019.
Of the exports, bio medicine products accounted for 39 percent, followed by bio-related food with 35.8 percent and bio services with 12.2 percent, the data showed.
The exports of cytokine products, including biosimilars, skyrocketed by 50.7 percent on-year in 2019, the data showed. (Yonhap)
The value of output in the local bio industry was estimated at 12.32 trillion won ($11.36 billion) last year, compared with 10.48 trillion won a year earlier, according to the data from the Korea Biotechnology Industry Organization.
Noticeably, the value of outsourced services that include contract manufacturing organization (CMO) business and contract research organization (CRO) business jumped 21.1 percent on-year, it said.
The data showed that exports of bio products also jumped 28.1 percent on-year to 6.71 trillion won in 2019.
Of the exports, bio medicine products accounted for 39 percent, followed by bio-related food with 35.8 percent and bio services with 12.2 percent, the data showed.
The exports of cytokine products, including biosimilars, skyrocketed by 50.7 percent on-year in 2019, the data showed. (Yonhap)
