Korea’s Bio Industry Competitiveness
The total investment cost ofbio industry companies in 2019 wasKRW 7.987.9 billion, The totalinvestment in the bio-industry sectorwas KRW 2.586.4 billion,accounting for 32.3% of thetotal investment.
The total pharmaceuticalproduction in 2019 wasabout US$19.2 billion (KRW 22.31 trillion).and over the past 5 years the averageannual growth rate was 7.1%.
Over the past five years,the amount of manpowerin the Bio Industryhas been continuouslyincreasing by 5.1%.
Seoul's Bio Ecosystem
21.9% of national biomedicalbusinesses are located in Seoul.
As Bio R&D occupies a relatively largeproportion, Seoul is characterized as anR&D center.
Korea recorded a global ranking ofmore than a dozen developmentsdue to the government's support forstrengthening new drugdevelopment capabilities andconducting rapid clinical trials.