Seoul, Nov 11 || South Korea's biotechnology industry output grew nearly 10 per cent in 2024 from a year earlier despite persistent global trade uncertainties, industry data showed on Tuesday.
The country's biotechnology industry production came to 22.92 trillion won (US$15.7 billion) last year, up from 20.87 trillion won in 2023, the Ministry of Trade, Industry and Energy (MOTIE) said, citing a survey by the Korea Biotechnology Industry Organization (KoreaBIO).
The figure marked a recovery following a 12 percent on-year decline in 2023, signaling renewed growth momentum in the sector, reports news agency.
By product category, production of therapeutic antibodies and cytokine products reached 4.86 trillion won, followed by biomanufacturing and contract services at 3.21 trillion won, and feed additives at 3.11 trillion won, the data showed.