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South Korea Pharmaceuticals and Healthcare Report Q3 2008
Business Monitor International, Aug 2008, Pages: 94
BMI's South Korea Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on South Korea's pharmaceuticals and healthcare industry.
In BMI’s Business Environment Rankings for Q308, South Korea remains ranked third out of 14 markets assessed, below Japan and Australia. South Korea, which is – therefore - regarded one of the most attractive regional markets, offers high per capita consumption, high prices of pharmaceuticals, an aging population, lack of public awareness of generic substitution rules and improved conditions as key drivers in the coming years. On the negative note, the recently announced price cuts will negatively impact the value of imports as well as the overall market value. Nevertheless, the government is firmly committed to the improvement of healthcare services delivery as well as the building of a solid biotechnology and life sciences sector.
Illustrating the strength of the biotechnology industry in South Korea, in January 2008, a potential treatment for ischaemic stroke, which was jointly developed by Korean researchers from Ajou University and pharmaceutical company NeuroTech, was approved by the US regulatory authorities for further clinical trials. The application had been submitted by US-based Amkor Pharmaceuticals, in which NeuroTech holds majority stake. The Neu2000KL drug was shown, in Phase I clinical trials, to be an effective anti-oxidant as well as useful in curbing the rate of dying brain cells following a stroke. In the meantime, the recently announced plan to liberalise the country’s health insurance sector, allowing competition between providers, has a strong potential to stimulate economy, and thus drug market growth. Large hospitals have in the past repeatedly asked the government to allow them to choose the insurance plan they would like to accept, as the national one makes little profit. The extra funding in the future could be spent on new drugs and equipment, although the programme has already attracted public criticism.
The country’s pharmaceutical industry landscape is also poised for change, following the April 2008 announcement that Sandoz Korea will break ties with its local partner Dong Wha and instead go it alone. BMI believes this development internationalises the generic drug sector, and we expect subsequent foreign entrants to promote their own drugs without a local partner. Sandoz is not alone in seeing potential in South Korea, with the world's largest generic drugmaker, Israel's Teva Pharmaceutical, and Indian powerhouses of Ranbaxy Laboratories, Dr Reddy's Laboratories and Cipla, also interested in entering the South Korean market.
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