Economic Analysis for the South Korean Healthcare Industry

Frost & Sullivan, June 2007, Pages: 32

The South Korean Government has ambitious plans to improve the delivery of healthcare services in the country. It intends to upgrade the existing healthcare centers and increase the total number of healthcare facilities (healthcare clinics and diagnostic centers) and train doctors and other medical professionals in rural and urban areas. It is also expected to increase the national healthcare expenditure considerably in the next five to ten years due to a rapidly aging population, growing health consciousness among the people, deficiency of essential healthcare supplies, and need for various disease control. The prospects for the industry remain bright due to new demands originating from the different sections of the society and an increase in lifestyle diseases. Medical tourism, clinical trials, biotechnology, outsourcing, and medical devices are some promising and dynamic sectors.

Economic conditions in the country are favorable for sustainable growth, while an increase in the disposable income is expected to raise the per capita expenditure on healthcare. The Government’s economic reforms process initiated after the 1997 Asian economic downturn has made South Korea one of the largest and fastest growing economies in the world. However, the vitality of the economic recovery largely depends on the pace of corporate sector restructuring, citizens’ ability to cope with reduced job security scenario, and level of investor confidence. To ensure these factors do not disrupt the economy, the Government will retain its commitment to the reform process and implement financial and corporate restructuring programs, while pursuing flexible macroeconomic policies. It is looking to upgrade business practices to international standards, promote human resources and technology development, and improve institutional efficiency.

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