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South Korea: Healthcare System and Drug Regulatory Overview
Datamonitor, July 2011, Pages: 45
Introduction
South Korea has high quality healthcare but comparatively low public financing. With high out-of-pocket costs, despite universal health insurance, ongoing reforms aim to contain drug costs. While the regulatory landscape is not simple to navigate, a relatively centralized structure allows for rapid responsiveness to changing conditions.
Features and benefits
- Assess the key factors facing pharma in terms of healthcare expenditure, regulatory issues, pricing and reimbursement.
- Review the insurance and healthcare system in South Korea including recent health reforms.
- Gain insight into regulatory and intellectual property issues in South Korea.
Highlights
South Korea’s pharmaceutical expenditure accounted for around 17–24% of total healthcare expenditure in 2008. This is comparatively high pharmaceutical expenditure when measured against international markets, reflecting the easy access to medical products and services in South Korea, and the growth of the domestic pharmaceutical market.
To address South Korea’s disproportionately high expenditure on pharmaceuticals, drug pricing and reimbursement policies in the country have undergone significant, ongoing changes since 2006, including the introduction of a number of drug price cutting mechanisms.
Improvements towards achieving international harmonization are continuing, with plans to bolster intellectual property provisions to assuage trade partners.
Your key questions answered
- What are the key factors facing pharma in terms of healthcare expenditure, regulatory issues, pricing and reimbursement?
- How has the insurance and healthcare system in South Korea evolved in light of recent health reforms?
- What are the regulatory and intellectual property issues in South Korea?
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