The Rise of K-Biotech

After K-pop, K-dramas, and K-beauty, South Korea is now turning its focus to biotechnology. Through a series of government initiatives and industry investments, the country is working to position itself as a major player in the global biotech sector. From manufacturing capacity to research and development, Korea is laying the groundwork to become a significant force in the biotech industry.

- Ayesha Siddiqui

South Korea's biopharma market, at $22 billion, ranks as the thirteenth largest globally, reports Intralink Korea. The country has made notable strides in biosimilars, contract manufacturing etc. More recently, it has emerged as a growing hub for biopharma innovation, now ranking third worldwide for new drug discoveries. According to Citeline’s Pharmaprojects database, South Korean companies have developed over 1,300 new drug candidates in the past three years, representing 10 per cent of the global total. This puts the country ahead of established R&D leaders like the UK, Switzerland, and Japan, with innovation driven by more than 320 pharmaceutical and biotech firms.

In clinical research, too, South Korea continues to gain ground. In 2023, it ranked fourth globally for clinical trial activity, with Seoul maintaining its position as the world’s top clinical trial city. While global clinical trial activity declined by 5.5 per cent that year, South Korea recorded a 9 per cent increase, according to the Korean National Enterprise for Clinical Trials (KoNECT).

Now, South Korea is setting its sights even higher, with a concerted effort to become the world’s leading biotech and pharmaceutical innovation hub.

“The South Korean government is actively working to establish the country as a global biotech hub by 2030,” said Jurie Hwang, Director of Public & International Relations Division at KoreaBIO. “This includes a $19 billion R&D budget to fuel biotech startups and innovation, regulatory reforms to speed up approvals and IPOs, expanded infrastructure in key clusters like Songdo and Pangyo, and deeper global partnerships to drive licensing, M&A, and international growth.”

Let’s take a closer look at how South Korea is putting this ambitious vision into action.