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Around half of South Korean biotechnology or biopharmaceutical companies currently do not generate any sales, according to a recent report by the Korea Industrial Technology Association.
Of some 226 local bio companies surveyed by KOITA, 45.6 percent do not generate any sales today. Among those which do, 18.7 percent said that they began generating sales less than a year ago.
A majority of Korean bio firms surveyed were found to be small or midsized as well. Around 66.4 percent of the surveyed companies said they operate with less than 30 employees.
Of some 226 local bio companies surveyed by KOITA, 45.6 percent do not generate any sales today. Among those which do, 18.7 percent said that they began generating sales less than a year ago.
A majority of Korean bio firms surveyed were found to be small or midsized as well. Around 66.4 percent of the surveyed companies said they operate with less than 30 employees.
Some 65 percent of the firms responded that they lacked sufficient research and development professionals. Only 7.5 percent of the companies surveyed said they had a sufficient R&D workforce.
“Though considered a promising, high growth industry, Korea’s biopharma industry, aside from a few, consists mostly of companies which are unable to generate sales,” said KOITA director Kim Sung-woo, urging expanded government support for the industry.
By Sohn Ji-young (jys@heraldcorp.com)
