South Korea's Pharma & Biotech Industry Thrives on Biologics Investment Surge

---

Researched by Industrial Info Resources (Sugar Land, Texas)--South Korea's pharmaceuticals market has been evolving in recent years, as the nation strives to enhance its biomanufacturing capacity. Biologics, a class of medicines derived from living organisms, are gaining traction owing to their higher specificity, reduced side effects and the ability to target complex diseases. Some of the most popular biologics are mRNA vaccines, monoclonal antibodies, and recombinant proteins, that have been instrumental in advancing treatments for a wide range of medical conditions, including cancer, autoimmune disorders, infectious diseases, and genetic disorders.

Industrial Info is tracking 68 active capital-spending projects, worth more than US$7.5 billion, aimed at manufacturing biological products. About 64% of the investment is toward grassroot developments, while 34% is focused on plant expansion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Pharmaceutical & Biotech Project and Plant databases can click here for a list of detailed project reports and click here for a list of related plant profiles.

Last year, South Korea signed an agreement with the World Health Organization (WHO) to establish a global training hub in biomanufacturing. This agreement is primarily focused at supporting low- and middle-income countries in producing biologics. With about 274 biological resource banks, the country aims to fulfill its domestic healthcare needs, as well as attract foreign investments.

The increasing geriatric population of South Korea is expected to drive demand for age-related advanced treatments, with about 20% of the population projected to be 65 years old by 2025. Concurrently, diseases such as cancer and diabetes are on the rise, necessitating faster production and greater accessibility of biologics. To address this, South Korea has come up with initiatives like K-Bio Health Strategy and K-Bio Lab Hub, fostering the growth of its domestic biotechnology and healthcare industries.

Supportive government policies, targeted funding initiatives, and South Korea's strategic geographical location near major markets like China and Japan continue to tap into the foreign market. Initiatives such as Korea's Free Economic Zones (FEZs) and bio-cluster developments aim to further expedite this trend by offering incentives like tax breaks, relaxed regulations and enhanced infrastructure.

Majority of the spending is being tracked in Incheon-Shi, accounting for 81% of the market share. This is due to Incheon's advanced facilities, efficient logistics network, skilled workforce, government support, collaborative environment, and proximity to capital city Seoul, enabling access to metropolitan resources. Moreover, Incheon houses the Incheon Free Economic Zone (IFEZ) and the Songdo International City, ranking first in the world for biopharmaceutical production capacity.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).