South Korean Pharma Market to Grow by 16 %

Market Forecast South Korean Pharma Market to Grow by 16 %

29.09.2017Author / Editor: Ahlam Rais / Wolfgang Ernhofer

Onsite survey results at CPhI Korea reveal a few stunning predictions for the region’s pharma sector. In addition to this, the government’s initiatives towards the development of the sector was also appreciated by industry players.

Related Vendors

UBM EMEA

Italvacuum, Srl

MG2 s.r.l.

TRM Filter d.o.o.

Domestic companies predict a 16% growth in the South Korean pharma market during CPhI Korea.
(Source: Deposit Photo)

Amsterdam/The Netherlands – CPhI Korea has recently closed its doors in Seoul after another record-breaking event that attracted 4,300 attendees and 147 exhibitors. During the event, UBM, the organizer undertook an in-depth onsite survey of both international and domestic attendees, with domestic companies reporting a headline growth in the order of 16 % across the South Korean pharma economy.

As one of the largest pharma events in South Korea, the confidence amongst the attendees is a good indication of the industry’s overall health. And, the onsite survey results showed that 75 % of domestic companies believe that the South Korean ‘biologics and biosimilars sectors will grow the fastest’. However, just 44.5 % of international companies agreed with this, with 30 % stating generics had the biggest potential.

Highlighting the positive impact the Incheon Free Economic Zone has had on the industry, 95 % of all respondents backed the government introducing ‘further similar incentives’. International respondents were also complimentary of government initiatives to position the country as a biotech leader. Over 85 % of them agreed that ‘Bio-Vision 2016’ had been very successful and made good strides in achieving the goal of becoming a trusted market frontrunner. Conversely, a diametric result was observed domestically as only 33 % of respondents saw the initiative as a success.

International partnerships are quickly becoming a driving force for South Korea’s pharma sector. Highlighting this, over 95% of the international companies surveyed, reported they are looking to work with South Korean partners in the next year, and 43 % of domestic respondents have undertaken work in international markets.

Subscribe to the newsletter now

Don't Miss out on Our Best Content

Business E-mail

Please enter a valid mailadress.

By clicking on „Subscribe to Newsletter“ I agree to the processing and use of my data according to the consent form (please expand for details) and accept the Terms of Use. For more information, please see our Privacy Policy.

Stand vom 23.03.2021

Naturally, we always handle your personal data responsibly. Any personal data we receive from you is processed in accordance with applicable data protection legislation. For detailed information please see our privacy policy.

Consent to the use of data for promotional purposes

I hereby consent to Vogel Communications Group GmbH & Co. KG, Max-Planckstr. 7-9, 97082 Würzburg including any affiliated companies according to §§ 15 et seq. AktG (hereafter: Vogel Communications Group) using my e-mail address to send editorial newsletters. A list of all affiliated companies can be found here

Newsletter content may include all products and services of any companies mentioned above, including for example specialist journals and books, events and fairs as well as event-related products and services, print and digital media offers and services such as additional (editorial) newsletters, raffles, lead campaigns, market research both online and offline, specialist webportals and e-learning offers. In case my personal telephone number has also been collected, it may be used for offers of aforementioned products, for services of the companies mentioned above, and market research purposes.

In case I access protected data on Internet portals of Vogel Communications Group including any affiliated companies according to §§ 15 et seq. AktG, I need to provide further data in order to register for the access to such content. In return for this free access to editorial content, my data may be used in accordance with this consent for the purposes stated here.

Right of revocation

I understand that I can revoke my consent at will. My revocation does not change the lawfulness of data processing that was conducted based on my consent leading up to my revocation. One option to declare my revocation is to use the contact form found at https://support.vogel.de. In case I no longer wish to receive certain newsletters, I have subscribed to, I can also click on the unsubscribe link included at the end of a newsletter. Further information regarding my right of revocation and the implementation of it as well as the consequences of my revocation can be found in the data protection declaration, section editorial newsletter.

(ID:44921582)