Recently published research from Business Monitor International, "South Korea Pharmaceuticals & Healthcare Report Q1 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 01/11/2013 -- BMI View: Given the commitment to innovation in both the public and the private sector in the country, South Korea will continue to be one of the key leaders in research and development (R&D) in the Asia Pacific region. However, we continue to see challenges to multinational companies posed by the toughness of the country's drug pricing environment. Nevertheless, manufacturers will continue to benefit from relatively high per capita spending on medicines and the steady volume demand driven by trends such as an ageing population.
Headline Expenditure Projections
- Pharmaceuticals: KRW16,392bn (US$14.80bn) in 2011 to KRW16,877bn (US$14.36bn) in 2012; +3.0% in local currency terms and -2.9% in US dollar terms. Forecast broadly unchanged from Q412.
- Healthcare: KRW83,567bn (US$75.43bn) in 2011 to KRW88,126bn (US$75.00bn) in 2012; +5.5% in local currency terms and -0.6% in US dollar terms. Forecast broadly unchanged from Q412.
- Medical devices: KRW4,432bn (US$4.00bn) in 2011 to KRW4,891bn (US$4.16bn) in 2012; +10.4% in local currency terms and +4.1% in US dollar terms. Forecast broadly unchanged from Q412.
View Full Report Details and Table of Contents
Risk/Reward Ratings: South Korea's Pharmaceuticals RRR score for Q113 is 2.3% lower than in the previous quarter, which now places the country third out of the 18 countries assessed in Asia Pacific, second only to Japan. The ranking is underpinned by ageing population, a large pharmaceuticals market and a largely predictable operating environment. However, downward pressure on prices and other costcontainment measures will increasingly represent a challenge to pharmaceuticals companies, although the free trade agreement (FTA) with the US is seen as a welcome development by multinational companies.
Key Trends & Developments
- In October 2012, Irish clinical research organisation ICON and the Korea National Enterprise for Clinical Trials (KoNECT) announced that they will collaborate to enhance the clinical trials industry in South Korea. The partners are to conduct series of educational events for local and multinational pharmaceutical companies, investigators and industry officials. The partnership shows ICON and KoNECT's commitment to the Asia Pacific region, ICON vice president (Asia Pacific) Wei Ming Goh said, and supports ICON and KoNECT's interest in developing and growing the clinical research industry in South Korea, which has become an important country for clinical development.
- In September 2012, US-based Catalent Pharma Solutions and South Korean pharmaceutical firm CTC Bio became partners in order to offer solutions to South Korean drugmakers selling their products in the West. The companies will help pharmaceutical companies in marketing solid oral dose and controlled-release drugs in the US and Europe. The partners said they will align their proficiency and experience in innovative drug delivery technologies.
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Healthcare research reports at Fast Market Research
You may also be interested in these related reports:
- Partnerships, Licensing, Investments and M&A Deals and Trends in Pharmaceuticals - Q1 2011
- Australia Pharmaceuticals & Healthcare Report Q1 2013
- Nigeria Pharmaceuticals & Healthcare Report Q1 2013
- Sweden Pharmaceuticals & Healthcare Report Q1 2013
- Slovenia Pharmaceuticals & Healthcare Report Q1 2013
- Estonia Pharmaceuticals & Healthcare Report Q1 2013
- Kenya Pharmaceuticals & Healthcare Report Q1 2013
- Netherlands Pharmaceuticals & Healthcare Report Q1 2013
- Mexico Pharmaceuticals & Healthcare Report Q1 2013
- Chile Pharmaceuticals & Healthcare Report Q1 2013
Contact Us: 888-4-SBWIRE (US) - 920-321-1250 (International)