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
Read the full release here.
Moderna’s mRNA-1010 Flu Vaccine Meets Efficacy Goals in Phase III Trial of Adults 50+
July 10th 2025In the P304 Phase III study, Moderna’s mRNA-1010 demonstrated a 26.6% relative efficacy over a standard-dose flu vaccine in adults aged 50+, showing consistent protection across strains and age groups.
Unifying Industry to Better Understand GCP Guidance
May 7th 2025In this episode of the Applied Clinical Trials Podcast, David Nickerson, head of clinical quality management at EMD Serono; and Arlene Lee, director of product management, data quality & risk management solutions at Medidata, discuss the newest ICH E6(R3) GCP guidelines as well as how TransCelerate and ACRO have partnered to help stakeholders better acclimate to these guidelines.
QWINT-1 Trial: Once-Weekly Efsitora Matches Daily Glargine in Type 2 Diabetes Management
July 10th 2025Results from the Phase III QWINT-1 trial show that Eli Lilly’s once-weekly insulin efsitora is noninferior to once-daily glargine in reducing HbA1c among insulin-naïve adults with type 2 diabetes, offering a simplified fixed-dose regimen with fewer hypoglycemic events and less treatment burden.