HS Code:
Somatotropin, its derivatives, and structural analogues (HS Code: 2937.11) belong to the category of hormones, specifically growth hormones used primarily in medical and veterinary applications. Somatotropin, also known as human growth hormone (HGH), is utilized for treating growth disorders in children and adults, as well as in research and biotechnology. Its derivatives and analogues are often synthesized for enhanced efficacy or specific therapeutic purposes. This category is a niche but high-value segment in global trade due to the specialized nature of production and stringent regulatory requirements.
Total Trade Volume
USD 2.5 billion
Data from 2022
Source
United Nations Comtrade Database, World Trade Organization (WTO)
USD 900 million
36% of total trade of total trade
Increasing
USD 600 million
24% of total trade of total trade
Stable
USD 400 million
16% of total trade of total trade
Increasing
USD 300 million
12% of total trade of total trade
Stable
USD 150 million
6% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-US agreements)
Rising demand for recombinant human growth hormone (rHGH)
Increased production and export from biotech hubs like the US and Switzerland due to growing prevalence of growth hormone deficiencies and aging populations.
2021-2022
Advancements in biosimilar growth hormones
Reduction in costs and increased accessibility in emerging markets, driving trade volume growth in countries like South Korea.
2020-2022
Regulatory harmonization in major markets
Simplified approval processes in the EU and US have boosted cross-border trade while maintaining high safety standards.
2019-2022
The European Medicines Agency (EMA) approved a new biosimilar for somatotropin, increasing competition and potentially lowering prices in the EU market.
March 2023
Expected to increase trade volume within the EU by 10-15% over the next two years.
The US Food and Drug Administration (FDA) introduced stricter guidelines for imported somatotropin products to combat counterfeit drugs.
January 2023
May temporarily reduce import volumes from non-compliant countries while increasing scrutiny on supply chains.
A leading South Korean biotech firm announced a new manufacturing facility for somatotropin derivatives, aiming to double export capacity.
September 2022
Likely to position South Korea as a key exporter in the Asia-Pacific region, impacting global trade dynamics.