Market Forecast South Korean Pharma Market to Grow by 16 %
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.
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.