Vaccine sales reached 3.4178 trillion won in Korea last year

Export 628.7 billion won

Ministry of Health and Welfare, Ministry of Industry, and 159 vaccine companies are surveyed

About half of the companies complain of difficulties due to lack of funds in the research and commercialization process.

 

Last year, domestic sales in the vaccine industry totaled 3.4178 trillion won and exports amounted to 628.7 billion won.

 

The Ministry of Health and Welfare (Minister Cho Kyu-hong) and the Ministry of Trade, Industry, and Energy (Minister Lee Chang-yang) selected 159 companies through a full survey and announced the results of the 2021 Korea Vaccine Industry Survey, including domestic sales, exports, employment, and investment.

 

As a result, domestic sales totaled 3.4178 trillion won, with 2.6865 trillion won in vaccine finished products, 86.5 billion won in vaccine raw materials, 69.4 billion won in vaccine equipment, and 636.1 billion won in vaccine-related services.

 

Exports to the vaccine industry totaled 628.7 billion won, with 563.7 billion won in vaccine finished products, 141 billion won in vaccine raw materials, 43 billion won in vaccine equipment, and 73.3 billion won in vaccine-related services.

 

Investment in the vaccine industry is expected to increase year-on-year, considering the ongoing or planned facility investment of more than 13 trillion won, including 214 billion won in R&D and 117.4 billion won in facility investment.

 

According to the survey, 159 domestic vaccine companies were found to have 29.6% of vaccine finished products, 32.1% of vaccine raw materials, 15.1% of vaccine equipment, and 35.8% of vaccine-related services.

 

Based on the headquarters, these companies were concentrated in Seoul (53, 33.3%), Gyeonggi (51, 32.1%), and the size of the business was 3.1% (5), 26.4% (42), and 70.4% (112), which is quite high compared to the total manufacturing industry.

 

Based on the established capital, 90% (143 pure domestic capital), 5% (foreign capital), and 5% (foreign capital) were found to be joint ventures (foreign capital + domestic capital).

 

More than 10,758 people worked in vaccine-related departments, and my job, 4,715 (43.8%), 2,772 (25.8%) were researchers, and 3,271 (30.4%) were in other jobs such as sales and management.

 

According to a survey of corporate difficulties experienced by vaccine companies, they cited the difficulties in R&D in the order of lack of funds (47.2%, 75 companies), lack of professional manpower (25.2%, 40 companies), and lack of infrastructure (22.0% and 35 companies).

 

In the process of commercialization, there are difficulties in the order of lack of funds (40.3%, 64 companies), lack of information such as market trends (24.5%, 39 companies), and lack of professional manpower (20.8%, 33 companies).

 

The survey was conducted by KPBMA, KSCIA, and KoDATA, a credit survey and evaluation agency, and is meaningful in that it conducted the first survey specializing in the vaccine industry.

 

The government plans to start reviewing the domestic vaccine industry survey next year after consultation with the National Statistical Office, considering the connection, consistency, and population design with the bio-industry survey conducted annually by the Ministry of Trade, Industry, and Energy.

 

Meanwhile, the Ministry of Health, Welfare and the Ministry of Trade, Industry and Energy jointly held a public-private vaccine industry innovation forum today (6th) to introduce private R&D and investment tax credits for vaccines and bio industries, K-bio and vaccine funds, smart factory construction, low-interest financing projects, and overseas expansion projects.

 

The government plans to increase the size of the company and provide timely pan-ministerial support tailored to the growth cycle so that the vaccine industry can grow into a solid hub industry leading the bio-industry in the future, and provide customized support for each ministry.