Biotech grew 3.3 percent in 2018, services topping 1 trillion won

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Biotech grew 3.3 percent in 2018, services topping 1 trillion won

Korea’s bio industry output rose 3.3 percent in 2018 from a year earlier, industry data showed Tuesday.

According to a report from the Korea Biotechnology Industry Organization and the Ministry of Trade, Industry and Energy, the value of local bio industry’s production, based on the survey of 993 bio companies in the country, went from 10.13 trillion won ($8.8 billion) in 2017 to 10.48 trillion won in 2018.

The total output for the bio service sector, which includes companies focused on contract manufacturing and contract research, broke 1 trillion won for the first time since the report was first issued in 2003.

The service sector’s output reached 1.01 trillion won in 2018, up 23.9 percent from a year earlier. The sector grew an average of 47 percent a year since 2014.

Local demand is up, as the bio products and services output for the local market reached 7.0 trillion won, while for foreign products and services it was 5.2 trillion won.

The domestic demand ratio for bio products and services fell slightly on year in 2017 to 55.9 percent from 56.8 percent, but in 2018, the number recovered to 57.5 percent.

In 2018, the export volume for the Korean bio industry reached 5.18 trillion won, up 0.2 percent from 5.17 trillion won reached a year earlier. The export amount in 2017 was up 11.7 percent from 4.63 trillion won in 2016.

Export output fell on year for bio chemicals and energy (down 7.3 percent), the bio food product sector (down 2.6 percent) and the bio devices and appliances sector (down 27.8 percent).

Meanwhile, overall employment for the local bio industry in 2018 grew to 47,047 jobs, up 4.57 percent from a year earlier.

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