Korean finished drug product market growing, driven by generics, says CPhI Korea

According to CPhI Korea, the Korean pharma market is experiencing significant growth in finished drug products, which is being attributed to an expanding domestic generics market.

Domestic companies from South Korea are transitioning quickly to an export-oriented stance and as reported by the Korean Pharmaceutical Traders Association (KPTA), exports of domestic finished products is growing with a total volume of $2.6 billion last year (2017). Additionally, domestic active pharmaceutical ingredients (APIs) are witnessing steady growth with a total volume of $1.6 billion exported in 2017.

“The rapid internationalisation of Korea has occurred as a result of the competitive pricing in the large domestic generics market, which has made Korean exports increasingly attractive,” commented Laura Murina, CPhI Korea brand manager. “What we are now seeing is Korean companies targeting regional exports and even opening facilities overseas to capitalise on growth. As a result, we have seen a steady increase in international attendees and finished formulation companies.”

CPhI Korea (organized by UBM — part of Informa) will host its fifth annual event at the end of August in Seoul and this year will launch a finished dosage formulation (FDF) zone in response to growing demand. Additionally, the show is once again co-located with BioPh, mirroring the region’s growth in the area of biosimilar development.

“South Korea has an expanding reputation for delivering high quality pharma, and global companies are now taking advantage of quicker clinical trials, the niche biosimilar industry, and innovative local companies to develop partnerships,” added Murina. “As a result, the API sector will continue to grow steadily, with domestic companies increasing exports. However, we are simultaneously seeing international companies take advantage of changing regulations and demographics to enter the market.”

Enhanced onsite features and new conference programmes at CPhI Korea 2018 will be dedicated to helping attendees navigate the Korean market and changing trends. The agenda explores the ‘implementation of ICH Q3D for APIs’, ‘USA complex generic & biosimilar regulatory approval process’, and emphasizing the internationalisation of the market, a session from the PMDA on ‘future perspectives of GMP in Japan’.