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Health ministry unveils trillion-won investment blitz to secure biohealth dominance
Shoppers browse cosmetics at a store in Seoul, Jan. 11. Yonhap
By Park Ung
Gov't to create 150 billion won fund to help companies finance Phase 3 trials
Seeking to transform a record-breaking export surge into a permanent pillar of the national economy, the Ministry of Health and Welfare unveiled Tuesday a trillion-won investment into its biohealth sector, anchored by a new state-backed fund designed to push local drugmakers through the riskiest stages of global development.
The plan centers on a 1.1 trillion won ($750 million) allocation for national health care research and a specialized 150 billion won fund dedicated to Phase 3 clinical trials — the prohibitively expensive "final mile" that has long stymied the country's midsized biotech firms. Coming on the heels of a record $27.9 billion in exports last year across the pharmaceutical, medical device and cosmetic industries, the measures signal Seoul’s intent to pivot from a manufacturer of components to a global powerhouse in original drug innovation.
With the aim of raising exports to $30.4 billion this year, up 9.1 percent from 2025, the health ministry will invest 233.8 billion won — 3.5 times more than last year — to support Korean companies’ expansion into global markets, including regulatory assistance, consulting and marketing support.
Driven by strong contract development and manufacturing capabilities and the global popularity of Korean culture, the country’s biohealth exports rose 10.3 percent from a year earlier to a record high, ranking eighth among the country’s key export industries behind traditional mainstays such as semiconductors and automobiles.
Pharmaceutical exports reached a record $10.4 billion, driven by biopharmaceuticals, which account for 62.6 percent of the total and have risen nearly tenfold over the past decade. The United States, Switzerland and Hungary were the top markets, making up 39.5 percent of exports.
Cosmetics exports extended a record streak last year to $11.4 billion, up 12.2 percent from a year earlier, amid strong global demand for Korean beauty products fueled by the Korean wave. By destination, the United States ranked first, accounting for 21.8 percent of total cosmetics exports, followed by China at 20.2 percent and Japan at 10.9 percent.
Medical device exports climbed to $6.04 billion last year, a 10 percent increase from the previous year, buoyed by a recovery in diagnostic testing equipment and steady gains across other product categories. The United States, China and Japan remained the largest markets, together accounting for 33.1 percent of total exports.
The biohealth industry is one of the fastest-growing sectors globally. According to the Korea Health Industry Development Institute, the global market stood at $13.5 trillion in 2023 and is projected to reach $19.4 trillion by 2030, growing at an average annual rate of 5.3 percent.
“Demand for Korean biopharmaceuticals, aesthetic medical devices and cosmetics is rising on strong contract manufacturing capabilities and the global popularity of Korean beauty products,” Second Vice Minister of Health and Welfare Lee Hyung-hoon said. “We will help the sector grow into a major export pillar and the next growth engine after semiconductors.”