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Sizzling Growth for Republic of Korea Biopharmaceuticals Market
Biosimilar exports make up a hefty chunk of biologics and other drug exports from the Republic of Korea to the United States and Europe, according to a report.
Biosimilar medicines made up the lion’s share of 2019 biopharmaceutical exports from the Republic of Korea, whose biopharmaceutical market is expanding rapidly.
The country exported $1.28 billion in biopharmaceuticals last year, 68.2%, or $874.5 million, of which were biosimilars, according to a report in the Korea Biomedical Review, citing government information.
The Republic of Korea biopharmaceutical market also expanded to $2.17 billion in 2019, up 16.6% from the previous year, and the market has seen 10.2% annual growth over the past 5 years, the report said.
The United States imported $74.4 million in Republic of Korea biopharmaceuticals in 2019. Overall, Germany was the largest importer, at $264.7 million, followed by Hungary and Croatia, at $233.2 million and $119.5 million, respectively.
The United States also was the largest exporter of biopharmaceuticals to the Republic of Korea, at $382.5 million, followed by Switzerland, with $210.5 million, placing it firmly in second place, the report added.
Celltrion Healthcare’s infliximab (Remsima), rituximab (Truxima), and trastuzumab (Herzuma); LG Chem’s etanercept (Eucept); and Chong Kun Dang’s darbepoetin alfa (CKD-11101), were among the Republic of Korea’s biosimilar exports in 2019, according to the report.
For 2019, Celltrion was the largest biopharmaceutical products producer, followed by GC Pharma, LG Chem, Medytox, and SK Bioscience, the report said.
AON Saves Over $243 Million With High Biosimilar Adoption
April 22nd 2024Thanks to high biosimilar adoption rates within the community oncology setting, American Oncology Network (AON) saved upwards of $243 million between 2020 and 2023, according to a presentation at the Festival of Biologics USA conference in San Diego, California.
Decoding the Patent Puzzle: Navigating the Legal Landscape of Biosimilars
March 17th 2024On this episode of Not So Different, Ha Kung Wong, JD, an intellectual patent attorney and partner at Venable LLP, details the confusing landscape that is the US patent system and how it can be improved to help companies overcome barriers to biosimilar competition.
Julie Reed: Why 2024 Is Important for Biosimilars
April 17th 2024Julie Reed, executive director of the Biosimilars Forum, showcases how the biosimilar industry is expected to develop throughout 2024, including major policy changes and hope for continued improvement in market share for adalimumab biosimilars.
Biosimilars Rheumatology Roundup for February 2024—Podcast Edition
March 3rd 2024On this episode of Not So Different, The Center for Biosimilars® revisited all the major rheumatology biosimilar news from February 2024, including the FDA approval of the 10th adalimumab biosimilar, the promise for an oral delivery system for ustekinumab, and the impact of adalimumab products on COVID-19 antibodies.
Alvotech’s Stelara Biosimilar, Selarsdi, Receives FDA Approval
April 16th 2024Alvotech’s Selarsdi (ustekinumab-aekn), a biosimilar referencing Stelara (ustekinumab), gained FDA approval, making it the second ustekinumab biosimilar and second for the company to be given the green light for the American market.
Global Biosimilar Market Projected to Reach $1.3 Trillion by 2032
April 11th 2024The global biosimilar market is projected to surge from $25.1 billion in 2022 to approximately $1.3 trillion by 2032, with a compound annual growth rate of 17.6%, driven mainly by the increasing prevalence of cancer and the cost-effectiveness of biosimilars, as outlined in a report by Towards Healthcare.
