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The pharmaceutical market in South Korea will rise from approximately $18.6 billion in 2016 to $20.4 billion in 2020, representing a compound annual growth rate (CAGR) of 2.4%. The Korean government is encouraging Research and Development (R&D) and sustaining growth initiatives in the pharmaceutical industry, such as the Korean Small Business Innovation Research program.
CPhI Korea was really helpful to establish marketing strategies in Korea through collecting Korean health ingredients market information from domestic exhibitors and buyers. Also, it was a good opportunity to meet many Korean companies who could be potential buyers.