Although this year’s health industry exports have shown negative growth since June, an opinion was raised that exports in 2023 might reach $26.9 billion, up 5.4% from the previous year.
Korea Health Industry Development Institute Han Dong-woo, head of the Health Industry Cooperation and New Planning Department at the Future Policy Support Headquarters, argued at a press conference on the ‘2022 Health Industry Export Trend and 2023 Export Forecast’ on the 7th.
Exports of the health industry in 2022 were $25.5 billion, up 0.3% from the previous year. By industry, pharmaceuticals were $8.72 billion and medical devices were $8.55 billion. The KHIDI used cumulative statistics directly collected up to October, and predicted statistics were used for November and December statistics.
Director Han Dong-woo said, “The domestic health industry has risen to the 7th place in export items due to the corona in 2020,” and added, “Since then, growth has been achieved in diagnostic kits and related medical devices. expected,” he said.
Nevertheless, Director Han explained that export sales in the pharmaceutical sector will increase by 15.5%, leading the growth of exports in the health industry in 2023. He said, “By 2023, pharmaceutical exports are predicted to be $10.1 billion, and will exceed $10 billion for a single field for the first time ever.”
In 2022, pharmaceutical exports were $8.7 billion, showing a significant increase in exports of COVID-19 vaccines and related treatments in the first half, but turned to a decline in the second half. However, biopharmaceuticals recorded US$1.13 billion in the third quarter, the highest quarterly export performance ever. Overall, exports of anti-pathogenic drugs, including biopharmaceuticals and toxins, are $5.39 billion, showing an average export growth rate of 22.8% over the past five years.
Director Han said, “In addition to the growth of anti-pathogenic drugs, issues such as patent expiration of blockbuster original biopharmaceuticals in 2023, changes in biosimilar policies in each country, expansion of the domestic biosimilar market, and expansion of biopharmaceutical production capacity are issues that domestic companies expected to act as a favorable factor for exports.”
In the medical device sector, which has begun to show a decline in exports due to the corona endemic, demand for corona-related products is expected to decrease, but ultrasound, imaging diagnostics, implants, and radiography devices, which have traditionally been the main items, have been able to recover before COVID-19 thanks to a rapid recovery. was analyzed to exceed
In fact, according to the current status of export items for ultrasound imaging diagnostics, radiography equipment, and implants, all three items are showing results that exceed the sales that sharply declined in 2020 as of 2022.
Director Han said, “Despite these predictions, there is a variable that the global trade process is changing too rapidly compared to the past. ESG can also be a part of it. “Because it can be used for various purposes, our health industry must prepare in advance,” he emphasized.
The Korea Development Institute is currently forming an ‘ESG Council’ to develop and distribute ESG checklists necessary for companies to export, and reported reports five times this year. In 2023, it plans to form a wide-ranging advisory group to expand specific consulting support measures such as the ESG forum.
Director Han said, “As confirmed by COVID-19, the health industry has grown in a cascading fashion. It is the agency’s task to find new market areas in order to gain momentum for overall growth to take place once more.” It is also not enough, he suggested.
