Seoul: More than 50 clinical trials were approved in the first quarter of this year, with over 80 percent led by overseas entities, data showed Tuesday. A total of 53 clinical trials were approved during the January-March period, averaging 17.7 per month, according to data compiled by the Korea Biomedicine Industry Association.

According to Yonhap News Agency, of those, only 10 cases, or 19 percent, were led by Korean developers. "The data shows that South Korea has become a global hub for clinical trials," an official from the association said. The data also showed that 28 trials, or 53 percent, were in phase 3 or similar stages -- the final phase of testing before commercial release.

By modality, antibody-based drug trials accounted for 43 cases, or over 80 percent of the total approvals. By disease area, oncology trials made up 49 percent, followed by respiratory and immunological studies at 11 percent each.