The export values of drugs developed by Korean pharmaceutical companies increased 16% year-over-year in Q1. Compared to other quarters, it is the highest amount two years after Q1 of 2022.

The export performances of domestic drugs had stagnated after the announcement of the endemic. However, the pharmaceutical industry has a positive outlook, as exports have started to recover since Q3 last year.

According to the Korea Customs Service, exports of domestic drugs amounted to US$1.72 billion (approximately KRW 2.38 trillion). This is an increase of 16.1% over a year, compared to US$1.4 billion in Q1 of 2023.

Around the same period, drug imports amounted to US$2.24 billion (approx