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S. Korea's biotech industry production grew 4.4 pct in 2016

All News 14:34 December 12, 2017

SEOUL, Dec. 12 (Yonhap) -- Production in the South Korean biotechnology sector increased 4.4 percent last year compared with the previous year, as medical equipment and services enjoyed greater demand abroad, government data showed Tuesday.

A total of 980 biotechnology healthcare companies produced biotech-based products and services worth 8.87 trillion won (US$8.16 billion) in 2016, up 4.4 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

The data was based on a survey on 980 companies by the Korea Biotechnology Industry Organization and Seoul-based Hankook Research.

The ministry said medical equipment and biotech services were the best performing sectors, as local companies stepped up marketing efforts abroad.

Exports of biotech-based products came in at 4.45 trillion won, and imports amounted to 1.46 trillion won last year, making a trade surplus of 2.98 trillion won.

Overseas sales of consignment production, therapeutic antibodies and hormone treatment grew rapidly last year, while feed additives grappled with weak demand in overseas markets.

Local biotechnology firms invested a combined 1.95 trillion won in 2016, a 13.9 percent jump from a year earlier, the ministry said.


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