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Sizzling Growth for Republic of Korea Biopharmaceuticals Market
Biosimilar exports make up a hefty chunk of biologics and other drug exports from the Republic of Korea to the United States and Europe, according to a report.
Biosimilar medicines made up the lion’s share of 2019 biopharmaceutical exports from the Republic of Korea, whose biopharmaceutical market is expanding rapidly.
The country exported $1.28 billion in biopharmaceuticals last year, 68.2%, or $874.5 million, of which were biosimilars, according to a report in the Korea Biomedical Review, citing government information.
The Republic of Korea biopharmaceutical market also expanded to $2.17 billion in 2019, up 16.6% from the previous year, and the market has seen 10.2% annual growth over the past 5 years, the report said.
The United States imported $74.4 million in Republic of Korea biopharmaceuticals in 2019. Overall, Germany was the largest importer, at $264.7 million, followed by Hungary and Croatia, at $233.2 million and $119.5 million, respectively.
The United States also was the largest exporter of biopharmaceuticals to the Republic of Korea, at $382.5 million, followed by Switzerland, with $210.5 million, placing it firmly in second place, the report added.
Celltrion Healthcare’s infliximab (Remsima), rituximab (Truxima), and trastuzumab (Herzuma); LG Chem’s etanercept (Eucept); and Chong Kun Dang’s darbepoetin alfa (CKD-11101), were among the Republic of Korea’s biosimilar exports in 2019, according to the report.
For 2019, Celltrion was the largest biopharmaceutical products producer, followed by GC Pharma, LG Chem, Medytox, and SK Bioscience, the report said.
Enhancing Adoption of Infused Biosimilars for a Sustainable Future
October 30th 2024An IQVIA report highlights challenges to the sustainability of infused biosimilars in the US, citing rebate walls and reimbursement policies, and proposes key solutions to enhance adoption and benefits for all stakeholders.
Biosimilars in America: Overcoming Barriers and Maximizing Impact
July 21st 2024Join us as we explore the complexities of the US biosimilars market, discussing legislative influences, payer and provider adoption factors, and strategies to overcome industry challenges with expert insights from Kyle Noonan, PharmD, MS, value & access strategy manager at Cencora.
FDA and Industry Experts Unpack Biosimilar Device Requirements
October 23rd 2024At the GRx+Biosims 2024 conference, a panel of industry experts and FDA officials discussed evolving device requirements for biosimilars and interchangeable biosimilars, highlighting new approaches to comparative use human factors studies, regulatory challenges, and alternative validation methods.
Biosimilars Oncology Roundup for June 2024—Podcast Edition
July 7th 2024On this episode of Not So Different, we review biosimilar news coming out of June, with clinical trial results from conferences and a study showcasing how to overcome economic and noneconomic barriers to oncology biosimilars.
Phase 3 Study Reports Similar Efficacy Between SB17, Stelara in Psoriasis
October 19th 2024A phase 3, 28-week comparative clinical trial in patients with moderate to severe plaque psoriasis confirmed similarity of the proposed ustekinumab biosimilar SB17 (Samsung Bioepis) to the reference product (Stelara) in efficacy, safety, pharmacokinetics, and immunogenicity.
Eye on Pharma: Aflibercept Legal Drama; PBM, Humira Biosimilars; Denosumab Regulatory Review
October 15th 2024Regeneron appeals legal decision after judge refuses to block an aflibercept biosimilar; Prime Therapeutics, a pharmacy benefit manager (PBM), becomes the latest to offer biosimilars referencing Humira (adalimumab) at a low cost; the FDA and European Medicines Agency accept a denosumab biosimilar candidate for review.
