Growth in South Korean domestic pharma market expected, notes survey

A survey performed onsite at CPhI Korea has highlighted that domestic companies are anticipating a headline growth in the order of 16% across the South Korean pharma market.

The survey included both international and domestic attendees from the event, which attracted 4,300 attendees and 147 exhibitors this year.

Three-quarters of the domestic companies that were involved in the survey cited ‘biologics and biosimilars sectors’ as the fastest growth areas. Less than half (44.5%) of the international companies that responded agreed with this, with 30% specifying ‘generics’ as the biggest potential for the market.

Nearly all respondents (95%) backed the country’s government introducing other incentives that are similar to the Incheon Free Economic Zone, highlighting the positive impact this has had on the industry. Additionally, the international respondents were positive about the government initiatives to position the country as a biotech leader.

“CPhI Korea reflects this booming pharma economy and the event provided an on-the-ground view of the changes in the market,” commented Laura Murina, CPhI Korea brand manager. “In particular, a higher demand for biologics products and high growth in the biosimilars sector is now complementing South Korean pharma’s strength in innovative products, with generics also showing promising growth.”

International partnerships were highlighted as a driving force for South Korea’s pharma sector, with over 95% of the international companies surveyed, reporting that they are looking to work with South Korean partners in the next year, and 43% of domestic respondents already having undertaken work in international markets.

“CPhI Korea provides the international pharma community with a vast array of opportunities within the domestic market and there has been a visible shift towards South Korean companies starting to work together with the international industry at the event”, added Murina.