Recent Study: South Korea Pharmaceuticals & Healthcare Report Q2 2015

From: Fast Market Research, Inc.
Published: Thu Feb 12 2015

Internationalisation will become a critical element in the business strategies of South Korean drugmakers due to pricing controls in the domestic market and the strong commercial opportunities in developing economies. We highlight the importance of emerging markets in South Korea's expansion strategy as the strong role of generic medicines in these countries play to the strengths of many Korean drug portfolios, while the more lenient regulatory environment allows for the rapid commercialisation of products.

Headline Expenditure Projections

* Pharmaceuticals: KRW16,590bn (USD15.8bn) in 2014 to KRW17,097.2bn (USD16.3bn) in 2015; +3.1% in local currency terms and +3.3% in US dollar terms.
* Healthcare: KRW107,881bn (USD102.5bn) in 2014 to KRW114,600bn (USD109.1bn) in 2015; +6.2% in local currency terms and +6.5% in US dollar terms.

Full Report Details at

Risk/Reward Indices

In Q2 2015, South Korea ranks third out of the 19 countries surveyed in the Asia Pacific region. South Korea's score for its Rewards variable is high, indicating the country's favourable longer-term standing in terms of its pharmaceutical market development. However, we note that Risks - particularly in relation to pharmaceutical pricing and reimbursement - will remain present, especially as the population ages and requires more public sector resources.

Key Trends & Developments

* In December 2014, the Ministry of Health and Welfare stated that it would add more locations for citizens to purchase over-the-counter drugs in March 2014. These locations include golf courses, ski resorts, cruise ships and some stores in remote areas.
* In the same month, the government announced a KRW15bn (USD13.4bn) budget for the development of the biomedicine sector in 2015. The fund will support research and development of products that can be commercialised within the next three years. In addition, 12 drug targeting generic illnesses, 24 stem cell drugs will also receive government aid in 2015.
* In November 2014,...

The South Korea Pharmaceuticals & Healthcare Report features Business Monitor International (BMI)'s forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.

BMI's South Korea Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the South Korea pharmaceutical and healthcare industry.

Key Benefits

* Benchmark BMI's pharmaceutical and healthcare market forecasts for South Korea, to test other views - a key input for successful budgeting and strategic business planning in the Korean pharmaceutical and healthcare market.

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