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South Korea becoming a pharma manufacturing hub, according to CPhI Korea

The fourth CPhI Korea is set to take place in August in Seoul, where the event organisers have revealed that there will be a 13% rise in the number of exhibitors and double the amount of overseas buyers since 2015.

This surge in numbers reflects the growing interest in the South Korean pharma economy, according to UBM — organisers of the event — in a recent press release. South Korea has become the third largest pharma region in Asia, with forecasted growth from $18.6 billion last year to $20.4 billion on 2020.

It is noted that the growth in South Korea’s economy is mainly a result of government incentives, such as the ‘Incheon Free Economic Zone’, which were aimed at making the country one of the future top three economic zones in the world. Additionally, the country has seen development in its biotechnology sector through Bio-Vision, which was initiated in 2006, and a free-trade agreement with the US has also facilitated investments from global companies, leading to an internationalisation in the regional pharma market

Chris Kilbee, group director, Pharma at UBM, commented: “CPhI Korea is a vital platform for meeting and networking with future partners, digesting analysis and garnering perspectives from global pharma executives. It is unsurprising that the past few years have seen such a significant surge in international interest. This is an incredibly exciting time for the South Korean pharma market, as the region continues to be a global pioneer in innovation, boasting an extremely robust and growing R&D sector.”

Some of the key features taking place at CPhI Korea 2017 include:

Exhibitor showcases provide exhibitors the opportunity to present their products, services, launches and innovations to both visitors and the press.

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