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Already home to more than 40 pharmaceutical multinationals, Korea is on course to become a global biotech and pharmaceutical hub by 2025, driven by the surge of international partnerships, biosimilars, an expansion in the export of finished formulations and a robust generics market.
This report covers the areas within the life sciences where Korea is gathering an increasingly strong international reputation, highlighting the country’s progress in R&D and clinical trials, its thriving biotech ecosystem, and its growing footprint in the exciting field of regenerative medicine..
Industry forecast for the Korean pharmaceutical market. Source: BMI Research. Strong demand: Korea’s pharmaceutical market is set to expand at a steady pace over the coming years. An amicable market: As indicated by universal healthcare coverage and high purchasing power. 2.8%: 10-year compound annual growth rate (CAGR). Medical launche:; A primary market alongside Australia, Canada, the US, Japan and Western Europe.
1989: Universal health coverage for South Korean population. 1991: Korea joins the World Health Organization Programme for International Drug Monitoring . 1996: Korea Food and Drug Safety and its six regional offices are established. 1998: The government agency is raised to the status of administration: Korea Food & Drug Administration. Learn more!
Key Statistics: 4th largest pharmaceutical market in the Asia Pacific, Ranked 1st in 2018 Bloomberg Innovation Index, Home to over 40 pharmaceutical multinationals, Global biotech and medical industry hub by 2020. Learn more!
What does 2019 have in store for Pharma? We asked industry Thought Leaders to name one disruptive trend or technology that will have a significant impact on the market in the year ahead. Will pricing pressure lead to a shift in budget management? Is this the year for biosimilar approvals? Will we see continued M&A activity in the sector?
Traditional Chinese medicine (TCM) has been used within China for thousands of years. Comprising practices such as herbal pharmacology, acupuncture and massage, it is grounded in the belief that the body is a system of balance, with a vital energy (chi) circulating around it in channels. When there are imbalances in the body, disease ensues.
This surge in international companies wanting to partner in Korea reflects a flourishing South Korean pharma economy, which, in recent years, has become the 3rd largest pharma region in Asia, with a forecasted growth from $18.6 billion in 2016 to $20.4 billion in 2020.
IQVIA and CPhI are pleased to bring you our special Market Prognosis report sharing our view of the future of the South Korean pharma market. Both CPhI and IQVIA consider that such information is key for the growth and development of the pharma industry and believe that this report will provide valuable insight as you look to develop your business in South Korea.