CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - South Korea

  • ID: 2785158
  • Report
  • Region: South Korea
  • 276 pages
  • GlobalData
1 of 5
South Korean Pharmaceutical Market to Grow Slowly to $20.4 Billion by 2020
CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - South Korea

Summary

This latest report, “CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - South Korea”. The report is an essential source of information and analysis on the healthcare, regulatory and reimbursement landscape in South Korea. It identifies the key trends in the healthcare market and provides insights into the demographic, regulatory, reimbursement landscape and healthcare infrastructure of South Korea. Most importantly, the report provides valuable insights into the trends and segmentation of the pharmaceutical and medical device markets. It is built using data and information sourced from proprietary databases, secondary research, and in-house analysis by a team of industry experts.

In 2015, South Korea’s population was approximately at 51.2 million. It has one of the world’s highest population densities. The South Korean government has been making continuous efforts to strengthen the economy to ensure long-term growth, and the pharmaceutical market is seen as a key industry for the country’s future growth. To support this industry, the South Korean regulatory authorities recently made changes to the regulatory bodies overseeing the pharmaceutical and wider medical sectors, to provide a transparent, strong and efficient regulatory system to facilitate faster approval of pharmaceutical products and medical devices. The South Korean pharmaceutical market is one of the largest in Asia, estimated to be worth $18.2 billion in 2015 and expected to reach $20.4 billion by 2020. The market grew nominally at a Compound Annual Growth Rate (CAGR) of 2.4% over the 2008-2020 period. The medical device market was valued at $4.4 billion in 2008 and is expected to reach approximately $6.5 billion by 2020, at a projected CAGR of 6%. These positive trends can primarily be attributed to -
- An increasing elderly population in South Korea, leading to increases in disease incidence and prevalence as well as higher need for long-term care and medical devices
- Increasing awareness in the medical community and the general population regarding early disease detection and diagnosis, leading to higher rates of adoption of treatments and healthcare

Scope

The report provides information on the healthcare, regulatory, and reimbursement landscape in South Korea, and includes -
- An overview of the pharmaceutical and medical device markets, comprising market size, segmentation, and key drivers and barriers
- Profiles and SWOT analyses of the major players in the pharmaceutical market (Yuhan Corporation, Green Cross Corporation, Dong-A Pharmaceutical, Hanmi Pharmaceutical, and Daewoong Pharmaceuticals) and the medical device market (Siemens Healthcare, Johnson & Johnson, GE Healthcare, Baxter International, Philips Healthcare)
- An insightful review of the reimbursement and regulatory landscape, of which analysis includes details of the healthcare reimbursement process, the regulatory agencies and the approval processes for new drugs and medical devices
- Detailed analysis of the political and economic environment, covering economic indicators, demographics, healthcare infrastructure and healthcare expenditure
- An overview of the opportunities for and challenges to growth in the South Korean healthcare market

Reasons to buy

This report will enhance your decision-making capability by allowing you to -
- Develop business strategies by understanding the trends shaping and driving South Korea’s healthcare market
- Drive revenues by understanding the key trends, reimbursement and regulatory policies, pharmaceutical market segments, and companies likely to impact the healthcare market in the future
- Formulate effective sales and marketing strategies by understanding the competitive landscape and analyzing the performance of various competitors
- Organize your sales and marketing efforts by identifying the market categories and segments that present the most opportunities for consolidation, investment, and strategic partnership
- Identify, understand, and capitalize on the opportunities and challenges in South Korea’s healthcare market
READ MORE
Note: Product cover images may vary from those shown
2 of 5
1.1 List of Tables

1.2 List of Figures

2 Introduction

2.1 Report Guidance

3 Overview of the Pharmaceutical and Medical Device Markets

3.1 Pharmaceutical Market

3.1.1 Market Overview

3.1.2 Pharmaceutical Imports and Exports

3.1.3 Supply Channels

3.1.4 Market Segments

3.1.5 Major Therapeutic Areas

3.1.6 Major Companies

3.2 Medical Device Market

3.2.1 Market Overview

3.2.2 Overview of Top Five Segments

3.2.3 Major Players

3.3 Market Drivers and Barriers

3.3.1 Drivers

3.3.2 Barriers

4 Market Access

4.1 Reimbursement and Payer Landscape

4.1.1 Healthcare System

4.1.2 Reimbursement Process

4.1.3 Overview of Insurance Providers

4.1.4 Patient Share in Healthcare Spending

4.1.5 Pricing Policies

4.2 Regulatory Landscape

4.2.1 Overview of Regulatory Agencies

4.2.2 Drug Approval Process

4.2.3 New Device Approval Process

4.2.4 Licensing Process for Manufacturing

4.2.5 Licensing Process for Exports and Imports

4.2.6 Intellectual Property Rights Landscape

4.2.7 Clinical Trial Regulations

4.2.8 Pharmaceutical Advertising Regulations

4.2.9 Pharmacy Regulations

4.2.10 Labeling and Packing Regulations

5 Country Analysis

5.1 Political Environment

5.1.1 Political Structure

5.1.2 Domestic Political Situation

5.1.3 Analysis of the Current Political Environment

5.1.4 Healthcare Policy Initiatives

5.2 Economic Landscape

5.3 Economic Indicators

5.3.1 Gross Domestic Product

5.3.2 Gross National Income

5.3.3 Inflation

5.3.4 Currency Exchange Rate

5.3.5 Foreign Direct Investment

5.3.6 Foreign Exchange Reserves

5.3.7 Trade Balance

5.3.8 Government Structural Balance

5.3.9 Government Net Debt

5.3.10 Gross Debt

5.3.11 Major Industries

5.4 Demographics

5.4.1 Population

5.4.2 Education and Literacy

5.4.3 Employment

5.4.4 Disease Burden

5.5 Healthcare Infrastructure

5.5.1 Healthcare Facilities

5.5.2 Healthcare Infrastructure

5.5.3 Healthcare Parameters

5.5.4 Environmental Health

5.5.5 Healthcare Personnel

5.6 Healthcare Expenditure

5.6.1 Overview

5.6.2 Major Components of Healthcare Spending

5.6.3 Shares of the Public and Private Sectors

5.6.4 Spending in Pharmaceutical R&D

5.7 Trade Associations

5.7.1 Korean Pharmaceutical Association

5.7.2 Korea Pharmaceutical Manufacturers Association

5.7.3 Korean Hospital Association

5.8 Trade Fairs

6 Opportunities and Challenges

6.1 Opportunities

6.2 Challenges

7 Appendix

7.1 Abbreviations

7.2 Bibliography

7.3 Research Methodology

7.3.1 Coverage

7.3.2 Secondary Research

7.3.3 Forecasts

7.3.4 Expert Panel

7.4 Disclaimer

1.1 List of Tables

Table 1: Pharmaceutical Market, South Korea, Revenue ($bn), 2008-2015

Table 2: Pharmaceutical Market, South Korea, Revenue Forecast ($bn), 2016-2020

Table 3: Pharmaceutical Market, South Korea, Imports and Exports ($bn), 2008-2015

Table 4: Pharmaceutical Market, South Korea, Generic Pharmaceutical Market ($bn), 2008-2014

Table 5: Pharmaceutical Market, South Korea, Biologics Market, Production ($bn), 2008-2014

Table 6: Pharmaceutical Market, South Korea, Biopharmaceutical Market by Type (%), 2012

Table 7: Pharmaceutical Market, South Korea, Prescription and OTC Drugs Market Share (%), 2008-2014

Table 8: Pharmaceutical Market, South Korea, Major Therapeutic Areas, Healthcare cost ($bn), 2013

Table 9: Yuhan Corporation, Global, Major Products, 2016

Table 10: Yuhan Corporation, Global, Late-Stage Pipeline, 2016

Table 11: Green Cross Corporation, Global, Major Products, 2014

Table 12: Green Cross Corporation, Global, Late-stage Pipeline, 2014

Table 13: Dong-A Pharmaceuticals, Global, Major Products, 2014

Table 14: Dong-A Pharmaceuticals, Global, Late-stage Pipeline, 2014

Table 15: Hanmi Pharmaceuticals, Global, Major Products, 2014

Table 16: Hanmi Pharmaceuticals, Global, Late-Stage Pipeline, 2014

Table 17: Daewoong Pharmaceuticals, Global, Major Products, 2014

Table 18: Daewoong Pharmaceuticals, Global, Late-Stage Pipeline, 2014

Table 19: Medical Device Market, South Korea, Revenue ($bn), 2008-2015

Table 20: Medical Device Market, South Korea, Revenue Forecast ($bn), 2016-2020

Table 21: Medical Device Market, South Korea, Revenue by Segment ($m), 2015

Table 22: Medical Device Market, South Korea, Diagnostic Imaging, Revenue ($m), 2008-2015

Table 23: Medical Device Market, South Korea, Diagnostic Imaging, Sales Trends for Major Players, 2012-

Table 24: Medical Device Market, South Korea, Ophthalmic Devices, Revenue ($m), 2008-2015

Table 25: Medical Device Market, South Korea, Ophthalmic Devices, Sales Trends for Major Players, 2012-

Table 26: Medical Device Market, South Korea, In-Vitro Diagnostics, Revenue ($m), 2008-2015

Table 27: Medical Device Market, South Korea, In Vitro Diagnostics, Sales Trends for Major Players, 2014

Table 28: Medical Device Market, South Korea, Wound Care Management, Revenue ($m), 2008-2015

Table 29: Medical Device Market, South Korea, Wound Care Management, Sales Trends for Major Players, 2012-

Table 30: Medical Device Market, South Korea, Orthopedic Devices, Revenue ($m), 2008-2015

Table 31: Medical Device Market, South Korea, Orthopedic Devices, Sales Trends for Major Players, 2014

Table 32: Medical Device Market, South Korea, Major Players, 2014

Table 33: Siemens Healthcare, Global, Major Products, 2015

Table 34: Johnson & Johnson, Global, Major Products, 2016

Table 35: Baxter International, Global, Major Products, 2016

Table 36: Philips Healthcare, Global, Major Products, 2016

Table 37: National Health Insurance Expenditure, South Korea, NHI Expenditure ($bn), 2008-2014

Table 38: Private and Public Healthcare Schemes, South Korea, 2015

Table 39: Co-payments, South Korea, 2014

Table 40: Healthcare Spending, South Korea, Out-of-Pocket Expenditure (%), 2008-2015

Table 41: Healthcare System, Medical Device Classification and Approval Process, South Korea, 2014

Table 42: Healthcare System, Patent Application Fees (KRW) ($), South Korea, 2014

Table 43: Healthcare System, Trademark Application Fees (KRW) ($), South Korea, 2014

Table 44: Economic Indicators, South Korea, Gross Domestic Product per Capita ($), 2008-2015

Table 45: Economic Indicators, South Korea, Gross Domestic Product per Capita Forecast ($), 2016-2020

Table 46: Economic Indicators, South Korea, GDP Annual Growth (%), 2008-2015

Table 47: Economic Indicators, South Korea, Gross Domestic Product Annual Growth Forecast (%), 2016-2020

Table 48: Economic Indicators, South Korea, Gross National Income per Capita ($), 2008-2014

Table 49: Economic Indicators, South Korea, Average Consumer Price Index, 2008-2015

Table 50: Economic Indicators, South Korea, Average Consumer Price Index Forecast, 2016-2020

Table 51: Economic Indicators, South Korea, Average Consumer Price Annual Change (%), 2008-2015

Table 52: Economic Indicators, South Korea, Currency Exchange Rate (KRW/$), 2008-2015

Table 53: Economic Indicators, South Korea, Foreign Direct Investment ($bn), 2008-2015

Table 54: Economic Indicators, South Korea, Foreign Exchange Reserves ($bn), 2008-2014

Table 55: Economic Indicators, South Korea, Exports of Goods and Services ($bn), 2008-2014

Table 56: Economic Indicators, South Korea, Imports of Goods and Services ($bn), 2008-2014

Table 57: Economic Indicators, South Korea, Government Structural Balance ($bn), 2008-2015

Table 58: Economic Indicators, South Korea, General Government Net Debt (% of GDP), 2008-2015

Table 59: Economic Indicators, South Korea, General Government Net Debt Forecast (% of GDP), 2016-2020

Table 60: Economic Indicators, South Korea, Gross Debt ($bn), 2008-2015

Table 61: Economic Indicators, South Korea, Major Industries, Annual Sales ($bn), 2013 and 2014

Table 62: Demographics, South Korea, Population (million), 2008-2015

Table 63: Demographics, South Korea, Population Forecast (million), 2016-2020

Table 64: Demographics, South Korea, Population, Urban and Rural Population Share (%), 2008-2015

Table 65: Demographics, South Korea, Population, Urban and Rural Population Share, Forecast (%), 2016-2020

Table 66: Demographics, South Korea, Population Distribution by Age Group (%), 2008-2015

Table 67: Demographics, South Korea, Population Distribution by Age Group Forecast (%), 2016-2020

Table 68: Demographics, South Korea, Births (per 1,000 Population), 2008-2015

Table 69: Demographics, South Korea, Mortality (per 1,000 Population), 2008-2015

Table 70: Demographics, South Korea, Major Causes of Mortality, 2012

Table 71: Demographics, South Korea, Children <5 Years Age, Mortality (per 1,000 Live Births), 2008-2015

Table 72: Demographics, South Korea, Immunization Rate (%), 2008-2015

Table 73: Demographics, South Korea, Major Causes of Male Mortality, 2015

Table 74: Demographics, South Korea, Causes of Female Mortality, 2015

Table 75: Demographics, South Korea, Gender Ratio (M/F), 2008-2015

Table 76: Demographics, South Korea, Life Expectancy at Birth (Years), 2008-2015

Table 77: Demographics, South Korea, Life Expectancy at Birth, Forecast (Years), 2016-2020

Table 78: Demographics, South Korea, Gross Enrollment by Level of Education (%), 2008-2014

Table 79: Demographics, South Korea, Unemployment Rate (%), 2008-2015

Table 80: Demographics, South Korea, Major Diseases, DALYs (per 1,000 Population), 2009

Table 81: Healthcare Infrastructure, South Korea, Hospitals, 2008-2014

Table 82: Healthcare Infrastructure, South Korea, Beds (per 1,000 Population) by Type of Service, 2008-2015

Table 83: Healthcare Infrastructure, South Korea, Diagnostic Equipment (Per Million Population), 2008-2015

Table 84: Healthcare Infrastructure, South Korea, Hospital Beds (per 1,000 Population), 2008-2015

Table 85: Healthcare Infrastructure, South Korea, Practicing Physicians (per 1,000 Population), 2008-2015

Table 86: Healthcare Infrastructure, South Korea, CO2 Emissions (Million Tons), 2008-2015

Table 87: Healthcare Infrastructure, South Korea, PM2.5 emissions (µgm/m³ ), 2008-2015

Table 88: Healthcare Infrastructure, South Korea, General Practitioners (per 1,000 Population), 2008-2015

Table 89: Healthcare Infrastructure, South Korea, Nurses (per 1,000 Population), 2008-2015

Table 90: Healthcare Infrastructure, South Korea, Dentists (per 1,000 Population), 2008-2015

Table 91: Healthcare Infrastructure, South Korea, Pharmacists (per 1,000 Population), 2008-2015

Table 92: Healthcare Expenditure, South Korea, Healthcare Expenditure (% of GDP), 2008-2015

Table 93: Healthcare Expenditure, South Korea, Share of Healthcare Expenditure by Type of Service (%), 2013

Table 94: Healthcare Expenditure, South Korea, Healthcare Expenditure, Public-Private Share (%), 2008-2015

Table 95: Healthcare Expenditure, South Korea, Pharmaceutical R&D Expenditure (% of Sales), 2008-2014

Table 96: Major Healthcare Trade Fairs, South Korea, 2014

1.2 List of Figures

Figure 1: Pharmaceutical Market, South Korea, Revenue ($bn), 2008-2015

Figure 2: Pharmaceutical Market, South Korea, Revenue Forecast ($bn), 2016-2020

Figure 3: Pharmaceutical Market, South Korea, Imports and Exports ($bn), 2008-2015

Figure 4: Pharmaceutical Market, South Korea, Generic Pharmaceutical Market ($bn), 2008-2014

Figure 5: Pharmaceutical Market, South Korea, Biologics Market, Production ($bn), 2008-2014

Figure 6: Pharmaceutical Market, South Korea, Biopharmaceutical Market by Type (%), 2012

Figure 7: Pharmaceutical Market, South Korea, Prescription and OTC Drugs Market Share (%), 2008-2014

Figure 8: Pharmaceutical Market, South Korea, Major Therapeutic Areas, Healthcare cost ($bn), 2013

Figure 9: Medical Device Market, South Korea, Revenue ($bn), 2008-2015

Figure 10: Medical Device Market, South Korea, Revenue Forecast ($bn), 2016-2020

Figure 11: Medical Device Market, South Korea, Revenue by Segment ($m), 2015

Figure 12: Medical Device Market, South Korea, Diagnostic Imaging, Revenue ($m), 2008-2015

Figure 13: Medical Device Market, South Korea, Diagnostic Imaging, Sales Trends for Major Players ($m), 2012-

Figure 14: Medical Device Market, South Korea, Ophthalmic Devices, Revenue ($m), 2008-2015

Figure 15: Medical Device Market, South Korea, Ophthalmic Devices, Sales Trends for Major Players ($m), 2012-

Figure 16: Medical Device Market, South Korea, In-Vitro Diagnostics, Revenue ($m), 2008-2015

Figure 17: Medical Device Market, South Korea, In-Vitro Diagnostics, Sales Trends for Major Players ($m), 2014

Figure 18: Medical Device Market, South Korea, Wound Care Management, Revenue ($m), 2008-2015

Figure 19: Medical Device Market, South Korea, Wound Care Management, Sales Trends for Major Players ($m), 2012-

Figure 20: Medical Device Market, South Korea, Orthopedic Devices, Revenue ($m), 2008-2015

Figure 21: Medical Device Market, South Korea, Orthopedic Devices, Sales Trends for Major Players ($m), 2014

Figure 22: Medical Device Market, South Korea, Major Players, Revenue ($m), 2012

Figure 23: Healthcare Market, South Korea, Drivers and Barriers, 2014

Figure 24: Health Security System, South Korea, 2014

Figure 25: Evolution of the Healthcare System, South Korea, 1963-2013

Figure 26: Healthcare System, South Korea, 2016

Figure 27: Reimbursement Approval Process for Pharmaceutical Products, South Korea, 2014

Figure 28: Reimbursement Approval Process for Medical Devices, South Korea, 2014

Figure 29: Structure of National Health Insurance, South Korea, 2014

Figure 30: National Health Insurance Expenditure, South Korea, NHI Expenditure ($bn), 2008-2014

Figure 31: Healthcare Spending, South Korea, Out-of-Pocket Expenditure (%), 2008-2015

Figure 32: Drug Pricing and Reimbursement Decision-Making Process, South Korea, 2014

Figure 33: Healthcare System, Offices for Medical Devices, South Korea, 2015

Figure 34: Healthcare System, Organization of Ministry of Food and Drug Safety, South Korea, 2016

Figure 35: Healthcare System, Organization of National Institute of Food and Drug Safety Evaluation, South Korea, 2015

Figure 36: Healthcare System, Drug Approval Process, South Korea, 2015

Figure 37: Healthcare System, Medical Pre-market Approval Pathway Process, South Korea, 2014

Figure 38: Healthcare System, Clinical Trial Approval Process, South Korea, 2014

Figure 39: Economic Indicators, South Korea, Gross Domestic Product per Capita ($), 2008-2015

Figure 40: Economic Indicators, South Korea, Gross Domestic Product per Capita Forecast ($), 2016-2020

Figure 41: Economic Indicators, South Korea, Gross Domestic Product Annual Growth (%), 2008-2015

Figure 42: Economic Indicators, South Korea, Gross Domestic Product Annual Growth Forecast (%), 2016-2020

Figure 43: Economic Indicators, South Korea, Gross National Income per Capita ($), 2008-2014

Figure 44: Economic Indicators, South Korea, Average Consumer Price Index, 2008-2015

Figure 45: Economic Indicators, Indonesia, Average Consumer Price Index Forecast, 2016-2020

Figure 46: Economic Indicators, South Korea, Average Consumer Price Annual Change (%), 2008-2015

Figure 47: Economic Indicators, South Korea, Currency Exchange Rate (KRW/$), 2008-2015

Figure 48: Economic Indicators, South Korea, Foreign Direct Investment ($bn), 2008-2015

Figure 49: Economic Indicators, South Korea, Foreign Exchange Reserves ($bn), 2008-2014

Figure 50: Economic Indicators, South Korea, Exports of Goods and Services ($bn), 2008-2014

Figure 51: Economic Indicators, South Korea, Imports of Goods and Services ($bn), 2008-2014

Figure 52: Economic Indicators, South Korea, Government Structural Balance ($bn), 2008-2015

Figure 53: Economic Indicators, South Korea, General Government Net Debt (% of GDP), 2008-2015

Figure 54: Economic Indicators, South Korea, General Government Net Debt Forecast (% of GDP), 2016-2020

Figure 55: Economic Indicators, South Korea, Gross Debt ($bn), 2008-2015

Figure 56: Economic Indicators, South Korea, Major Industries, Annual Sales ($bn), 2013 and 2014

Figure 57: Demographics, South Korea, Population (million), 2008-2015

Figure 58: Demographics, South Korea, Population Forecast (million), 2016-2020

Figure 59: Demographics, South Korea, Population, Urban and Rural Population Share (%), 2008-2015

Figure 60: Demographics, South Korea, Population, Urban and Rural Population Share, Forecast (%), 2016-2020

Figure 61: Demographics, South Korea, Population Distribution by Age Group (%), 2008-2015

Figure 62: Demographics, South Korea, Population Distribution by Age Group Forecast (%), 2016-2020

Figure 63: Demographics, South Korea, Births (per 1,000 Population), 2008-2015

Figure 64: Demographics, South Korea, Mortality (per 1,000 Population), 2008-2015

Figure 65: Demographics, South Korea, Causes of Mortality, 2012

Figure 66: Demographics, South Korea, Children <5 Years, Mortality (per 1,000 Live Births), 2008-2015

Figure 67: Demographics, South Korea, Immunization Rate (%), 2008-2015

Figure 68: Demographics, South Korea, Major Causes of Male Mortality (‘000), 2015

Figure 69: Demographics, South Korea, Causes of Female Mortality (‘000), 2015

Figure 70: Demographics, South Korea, Gender Ratio (M/F), 2008-2015

Figure 71: Demographics, South Korea, Life Expectancy at Birth (Years), 2008-2015

Figure 72: Demographics, South Korea, Life Expectancy at Birth Forecast (Years), 2016-2020

Figure 73: Demographics, South Korea, Gross Enrollment by Level of Education (%), 2008-2014

Figure 74: Demographics, South Korea, Unemployment Rate (%), 2008-2015

Figure 75: Demographics, South Korea, Major Diseases, DALYs (per 1,000 Population), 2009

Figure 76: Healthcare Infrastructure, South Korea, Hospitals, 2008-2014

Figure 77: Healthcare Infrastructure, South Korea, Beds (per 1,000 Population) by Type of Service, 2008-2015

Figure 78: Healthcare Infrastructure, South Korea, Diagnostic Equipment (Per Million Population), 2008-2015

Figure 79: Healthcare Infrastructure, South Korea, Hospital Beds (per 1,000 Population), 2008-2015

Figure 80: Healthcare Infrastructure, South Korea, Practicing Physicians (per 1,000 Population), 2008-2015

Figure 81: Healthcare Infrastructure, South Korea, CO2 Emissions (Million Tons), 2008-2015

Figure 82: Healthcare Infrastructure, South Korea, PM2.5 emissions (µgm/m³), 2008-2015

Figure 83: Healthcare Infrastructure, South Korea, General Practitioners (per 1,000 Population), 2008-2015

Figure 84: Healthcare Infrastructure, South Korea, Nurses (per 1,000 Population), 2008-2015

Figure 85: Healthcare Infrastructure, South Korea, Dentists (per 1,000 Population), 2008-2015

Figure 86: Healthcare Infrastructure, South Korea, Pharmacists (per 1,000 Population), 2008-2015

Figure 87: Healthcare Expenditure, South Korea, Healthcare Expenditure (% of GDP), 2008-2015

Figure 88: Healthcare Expenditure, South Korea, Share of Healthcare Expenditure by Type of Service (%), 2013

Figure 89: Healthcare Expenditure, South Korea, Healthcare Expenditure, Public-Private Share (%), 2008-2015

Figure 90: Healthcare Expenditure, South Korea, Pharmaceutical R&D Expenditure (% of Sales), 2008-2014

Figure 91: Healthcare Market, South Korea, Opportunities and Challenges, 2014
Note: Product cover images may vary from those shown
3 of 5

Loading
LOADING...

4 of 5
South Korean Pharmaceutical Market to Grow Slowly to $20.4 Billion by 2020, says Analyst

The pharmaceutical market in South Korea will rise from approximately $18.6 billion in 2016 to $20.4 billion in 2020, representing Compound Annual Growth Rate (CAGR) of 2.4%, as the government increasingly focuses on generics in order to reduce healthcare expenditure.

The company’s latest report* states that the country’s generics market increased from $3.5 billion in 2008 to around $5.8 billion in 2015, growing at a CAGR of 7%, as the government has invested significantly in the generics market in recent years. Many novel drugs are set to lose their patents by 2020, meaning South Korea’s generics market is expected to increase significantly.

Adam Dion, MSc, Senior Industry Analyst, says: “Overall market growth is expected to be influenced by burgeoning treatment populations and various government initiatives to encourage Research and Development (R&D) and sustain growth in the pharmaceutical industry, such as the Korean Small Business Innovation Research program.”

Other government initiatives will also aid businesses, such as lifting the ban on advertisements for medical services, which has enabled hospitals to hire advertising agencies to help them attract medical tourists.

Dion explains: “The Free Trade Agreement with the US, which began in March 2012, has had the effect of lowering tariffs for imports up to 80%, and nearly 95% of bilateral trade in consumer and industrial products has become duty-free for up to five years, making investment in the South Korean pharmaceutical industry easier for multinational companies.”

*CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - South Korea

This report provides analysis of the pharmaceutical market landscape in South Korea, and the impact of the current and emerging market access strategies used by the pharmaceutical industry for new and existing drugs. It includes annualized market data from 2008 to 2015 and forecast to 2020, and discusses the regulatory requirements, key health insurance trends, recent government healthcare reforms, and general industry trends.

This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by a team of industry experts.
Note: Product cover images may vary from those shown
5 of 5
Note: Product cover images may vary from those shown
Adroll
adroll