20 June 2015 | Analysis | By BioSpectrum Bureau
Top 20 APAC Country Analysis: Korea
South Korea is the fourth largest contributor to the lifescience market in the region.
â€¢ Korean Ministry of Food and Drug Safety (MFDS) stated that medicine exports of the country rose by more than 13 percent in 2014
â€¢ In a bid to support and nurture domestic vaccine manufacturers to help in increasing vaccine exports, Korea decided to expand counseling service to help them obtain WHO's pre-qualification certificate
â€¢ Outbound shipments of locally made medicines stood at $2.41 billion in 2014, up by 13.5 percent
â€¢ Korea's Hanmi pharmaceuticals struck a deal with Elli Lilly to develop and commercialize Hanmi's treatment for an auto immune disorder in a deal of upfront initial payment of $50 million and future payment of up to $640 million
â€¢ National biotech firm, Green Cross Biotherapeutics, invested $215 million in Canada to set up the first intravenous immunoglobulin and albumin manufacturing plant