The Bio China 2026 expo in Suzhou, Jiangsu Province, marks the first time South Korea has established a national pavilion, featuring 21 companies from the domestic pharmaceutical and biopharmaceutical industry. This event highlights the growing interest and involvement of South Korean stakeholders, including the Ministry of Trade, Industry and Energy, Korea Trade-Investment Promotion Agency (KOTRA), Korea Health Industry Development Institute, and Korea Pharmaceutical and Bio-pharma Manufacturers Association, in the expanding Chinese pharmaceutical market, which is currently valued at approximately $247.5 billion and ranks as the second largest in the world.

KOTRA President, Kang Kyung-seong, emphasized the importance of the biohealth industry, which has seen exports surpassing $10 billion last year, and is listed among the eight key export-focused sectors for South Korea. He remarked on the government's commitment to diversifying export items in areas such as artificial intelligence (AI) and cosmetics-related medical biotechnology. The intention is to enhance South Korean market presence by leveraging the popularity of K-culture and initiatives in promising regions, thereby expanding export markets to include potential opportunities arising from international partnerships and technological collaborations.

Despite the rapid growth of China’s market and its increasing role as a hub for global pharmaceutical technology transfers – expected to grow from a 4% share of global new drug technology transfers in 2020 to over 30% by 2025 – exchanges and partnerships with South Korea remain limited. In 2022, South Korean pharmaceutical exports to China were recorded at $450 million, accounting for only about 4.2% of total exports. This underscores potential areas of development for enhanced bilateral cooperation and trade in the pharmacological sector between the two nations.