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South Korea Generics Market
Frost & Sullivan, March 2011, Pages: 49
This research study presents an overview and analysis of the generics market in South Korea from the time period 2009 to 2014. It goes over government regulations, healthcare system dynamics, disease and age demographics. Along with this coverage, the report also outlines market drivers and restraints, market engineering measurements, market size and growth for both the pharmaceutical and generics markets in South Korea. The report ends with a competitive market analysis, which includes the top domestic companies in the South Korea generics market
Research Overview
This Frost & Sullivan research service titled South Korea Generics Market provides an in-depth analysis of the market drivers and restraints, industry trends, and competitive environment in addition to the challenges and issues faced by market participants. The study also examines the healthcare system and the regulatory landscape.
Market Overview
Aging Population and Imminent Patent Expirations Rev up the South Korea Generics Market Growth
The South Korean generics market is growing at a steady pace, aided by the expanding ageing population, rise in chronic disease, and impending patent expirations. South Korea is considered one of the most promising pharmaceutical markets in Asia. The government has offered ample support, ramping up investments into the highly visible generics drug market. The market experienced a growth of 7.3 percent in 2009 over the previous year and is projected to increase as many blockbuster drugs go off-patent within the next five years. This will allow generics companies to increase their product range and present more cost-effective drug options for patients. “Government backing of domestic drug development, such as Korea Research Institute for Bioscience and Biotechnology (KRIBB), is likely to increase introduction of novel drugs into the market,” notes the analyst of this research service. “The signing of the Free Trade Agreement (FTA) with the United States has lowered tariffs for imports, enhanced regulatory transparency, and increased multinational pharmaceutical investment interest.”
Medical tourism in South Korea is increasing and is being avidly promoted by the Government. One example of public-private partnership is the establishment of the Jeju Healthcare Town. which is set to open in 2011
The Government is providing $122.0 million to develop centers for medical care, wellness care, and R&D to attract medical travelers.
Participants Must Ramp up Product Lines and Emphasize Differentiation to Stave off Competition
Although the signing of the FTA with the United States has positively impacted the market, there are some issues that have surfaced. One of the fallouts has been the increase in imports and competition with foreign multinationals, both branded and generic. Domestic companies that have not had much outside competition in the past will have to increasingly deal with it now and in the future. This could negatively affect the domestic generics market, depending on how local companies handle the increase in foreign competition. Domestic generics companies must find ways to adapt to increased competition to keep growing. Foreign entrants have an edge with diversified product lines and financial wherewithal. Domestic participants cannot rely on traditional practices and must unleash new growth strategies. They must find ways to distinguish themselves from their competitors by expanding their product range into new therapeutic areas, exploring options within biotechnology or exporting their products to a wider market. “To counter competition from foreign multinationals, the government is encouraging research and development in the biotechnology sector, including the creation of biosimiliars,” says the analyst. “This is an opportunity for domestic players to differentiate themselves in the changing South Korean pharmaceutical landscape and better compete in the midst of intensifying competition.” Opportunities abound in areas such as biosimilars or super-generics.
As the generics market continues to experience increasing worldwide demand, domestic companies can export their products and increase their consumer base. Participants must focus on rolling out unique products with high market potential. Brand recognition of domestic participants is high and patients are more likely to reach for the familiar and cost-effective generic drugs rather than their branded counterparts.
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