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Market Access Korea - Breaking into the Developed World’s Fastest Growing Pharmaceutical Market
Just Pharma Reports, Nov 2010, Pages: 66
South Korea as a country has been an economic success story and the origin of much cutting edge technology, but its pharmaceutical market can now also be given ‘Asian tiger’ status. The past four years have seen total sales growth of 15.6%, 13.5%, 12.4% and 13.8% respectively. IMS forecasts CAGR of 6.5% from 2010 through 2015, making Korea the fastest growing developed market for medicines in the world.
Currently ranked fourth in Asia-Pacific after Japan, China and India, but ahead of Australia drug sales at manufacturer selling prices are the equivalent of USD 11 billion. If you consider that foreign innovative products did not gain access to the reimbursement system until late 1999 it is remarkable that multinational companies today hold half of the top-10 sales rankings with prescription products and in total have a 40% market share.
Modern-day Korea is trying hard to shake off its reputation for lack of transparency in reimbursement decisions and unfair business practices, with the Free Trade Agreements signed with the US and the EU cementing the internationalisation process.
With pricing and reimbursement there is still no denying the required processes are complex and multi-tiered, with major rule changes and new cost containment measures as a result of budget limitations announced in quick succession over recent years. Up to date and fully researched through local data-gathering and face-to-face interviews, Market Access Korea will explain it all, and give your company the power of Korean ginseng!
Subjects covered clearly but in detail include:
- The decision processes for new additions to the positive list and for price adjustments.
- Asia’s first reimbursement system requiring pharmacoeconomic evidence.
- Use of the new refund scheme if price negotiations break down.
- How market-based actual transaction pricing, introduced from 1 October 2010, will work and what it will mean.
- Pricing case studies.
- Generic and biosimilar pricing and its impact on original brands.
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