Korean Media: "Gap Reaches 9 Times", China's Biotechnology Overpowers South Korea!
On March 29, South Korean media outlet *Herald Economic* published an article stating that China's biotechnology is now surpassing South Korea's. This is not merely catching up like in semiconductors—it's a complete and decisive lead.
Last year, China's pharmaceutical and biotechnology companies achieved technology export revenues of $13.57 billion, more than nine times that of South Korea ($1.5 billion). The massive scale of China's new drug exports fully reflects the rapid development of its pharmaceutical industry.
The growth of China's pharmaceutical and biotechnology sector has been driven by proactive government initiatives promoting biotech industry development, including reduced clinical trial costs and a 30-day fast-track approval system. Additionally, by 2030, patents for hundreds of billions of dollars' worth of global blockbuster drugs will expire one after another, significantly boosting technology exports from Chinese pharmaceutical and biotech firms.
Data from market research firm NextPharma shows that last year, technology export revenues from Chinese pharmaceutical and biotech enterprises reached a record high of $13.5655 billion. Prepayment amounts hit $7 billion, and the number of export deals reached 157—setting all-time highs across these three categories.
Notably, technology export revenue surged 2.6 times year-on-year to reach $5.19 billion, dramatically widening the gap between China and South Korea. According to statistics from the Korean Pharmaceutical & Biopharmaceutical Association, last year’s technology export revenue from South Korean pharmaceutical and biopharmaceutical companies totaled $1.503362 billion.
China’s biotech technology exports began surging in 2020. In 2019, the figure stood at just $900 million; it jumped to $8.4 billion in 2020, rose to $13.4 billion in 2021, reached $27.7 billion in 2022, and climbed to $41.1 billion in 2023.
The gap between South Korea and China in technology exports has widened rapidly. In 2020, China’s biotech technology exports were only 1.1 times those of South Korea; by 2022, this ratio had increased to 5.8 times, further rising to 6.9 times in 2023, and projected to reach 9 times by 2025.
Original Article: toutiao.com/article/1860994704082953/
Disclaimer: The views expressed in this article are solely those of the author.