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South Korea Pharmaceuticals and Healthcare Report Q4 2010
Business Monitor International, Aug 2010
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.
BMI would describe South Korea as a transitional pharmaceutical market. Characteristic of an emerging market, combined sales of prescription drugs and over-the-counter (OTC) medicines are forecast to post high single-digit compound annual growth rates (CAGRs) over the next five years. However, the operating environment is similar to that seen in traditional markets.
South Korea’s Pharmaceutical Business Environment Rating (BER) has increased from 66.9 out of 100 in Q310 to 67.0 in Q410, due to a slight improvement in our evaluation of the Country Risks. Scores for the other main BER sub-categories – Industry Rewards, Country Rewards and Industry Risks – have remained unchanged from the previous quarter. However, South Korea has dropped from first to third in the 17-country ratings system, due to improved BER scores recorded by Australia (66.9 to 70.2) and Japan (66.7 to 68.8). Indicative of a developed pharmaceutical market, selling and administrative expenses recorded by drugmakers operating in South Korea dropped in 2009, as the government enforced new rules on illegal rebates and other inappropriate marketing practices. The most aggressive cost-container was Swiss multinational Roche, which reduced its 'selling and administrative' expenditure by 45%. The next biggest cuts were implemented by Abbott Korea (-12.5%), Baxter Korea (-11.4%), AstraZeneca Korea (-9.8%) and Janssen Korea (-6.1%).
The largest local drugmaker according to Q110 sales was Green Cross. However, its revenue was boosted significantly (+125%) by demand for its H1N1 swine flu vaccine. Without this exceptional demand driver, the largest firm would have been Dong-A, with sales of US$178mn in first three months of this year. Three firms – Hamni, Choongwae and Chong Kun Dang – attributed their below-average financial results on a challenging operating environment.
It is BMI’s view that South Korea will emerge as a global leader in biosimilar research and development. In April 2010, the Korea Food and Drug Administration (KFDA) announced plans to publish guidelines for approving improved generic versions of biological products before the end of H110. The administration already has guidelines for generic versions of brand-name biological products, but the new guidelines will be for improved versions which are differently prepared from the same active ingredients used in brand-name ones.
A May 2010 survey by The Korea Chamber of Commerce and Industry revealed that progress in the country's medical tourism industry has been slow, despite it being a year since the Korean government allowed local hospitals to sell medical treatments to foreign patients in an effort to boost the medical tourism industry.
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