Despite Focus on Generics, South Korean Pharma Expected to Achieve $24.3 Billion Value by 2020
South Korean pharmaceutical industry value to grow from $19.3 billion in 2013 to $24.3 billion by 2020
According to global research firm, Global Data, the South Korean pharmaceutical industry's value will grow from $19.3 billion in 2013 to $24.3 billion by 2020, at a Compound Annual Growth Rate of 3.9%. Growth analysts attribute to a high level of access to healtcare insurance and reimbursement, in addition to the demand for healthcare by the aging population.
Projects aimed at R&D, and government initiatives to support the Korean Small Business Innovation Research Program, are also attributed to the growth, according to the company’s latest report*.
Joshua Owide, Director of Healthcare Industry Dynamics at GlobalData adds, “Additionally, since signing the Free Trade Agreement with the US in 2007, South Korea has lowered its import tariffs, enhanced its regulatory transparency, and attracted investment from multinational pharmaceutical companies.”
South Korea will maintain its focus on generics as a cost-containment measure to slow the rise of its healthcare expenditure—the country’s generic market value has increased from $3.5 billion in 2008 to an estimated $4.9 billion in 2013, at a CAGR of 7%—at the cost of branded-drug profits.
*CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - South Korea
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