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South Korea Pharmaceuticals and Healthcare Report Q4 2009
Business Monitor International, July 2009, Pages: 99
The South Korea Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on South Korea's pharmaceuticals and healthcare industry
The author calculates that South Korea’s pharmaceutical market was worth around KRW10,700bn (US$9.9bn) in 2008. Between 2008 and 2013, we forecast a compound annual growth rate (CAGR) of 3.5% in local currency terms, with drug expenditure reaching KRW15,100bn (US$15.1bn) by the end of 2013. Over a 10 year time horizon, our updated and extended drug expenditure forecast model predicts the market should reach KRW19,400bn (US$19.4bn) by the end of 2018. Our prediction that drug expenditure over the latter five years should exceed that of 2008-2013 is informed by our belief that an improved global economic climate and strengthened trade ties with the US through KORUS should aid South Korea’s macroeconomic outlook. Meanwhile, an ageing population should drive demand for pharmaceuticals.
In the author’s updated pharmaceutical Business Environment Rankings for Q409, South Korea remains third out of 15 markets surveyed in the Asia region. South Korea’s strong showing is partly due to the population’s high per capita pharmaceutical expenditure and relatively stable regulatory structure.
A couple of significant legal clouds hang over South Korea’s pharmaceutical industry. Firstly, allegations of pharmaceutical companies paying bribes to doctors to prescribe their medicines have implicated many local companies. For example, the Korea Times has reported that the president of the Korea Pharmaceutical Manufacturers Association and chairman of Ahngook Pharma, Auh June-sun, is among the accused.
Secondly, South Korea’s National Health Insurance Corporation announced that it was launching legal action against over 100 pharmaceutical companies that it suspects of selling almost 300 unlicensed products. It claimed that leading local drugmakers would be among those from which it would seek damages of a combined value of KRW125bn (US$99mn). The National Health Insurance Corporation alleges that it had to pay for drugs that lacked data demonstrating their effectiveness. The domestic pharmaceutical industry continues to mainly focus on generics.
However, the country also has a growing reputation as a location for both pharmaceutical research and clinical trials. In June 2009, the Ministry of Knowledge Economy (MKE) announced that France’s Sanofi-Aventis was hoping to find a local research and development (R&D) partner by the end of the year.
According to quarterly sales figures released by Dreamdrug for Q109, Sanofi-Aventis was the leading multinational drugmaker, generating sales of almost KRW100bn. It was followed by GlaxoSmithKline (GSK), Pfizer and Novartis respectively, all of whom generated more than KRW90bn sales in the country.
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