Navigating Emerging Markets: South Korea - The bio-pharmaceutical business outlook in South Korea remains positive - BioPharm International

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Navigating Emerging Markets: South Korea
The bio-pharmaceutical business outlook in South Korea remains positive


BioPharm International
Volume 26, Issue 8, pp. 34-37

Moving Forward in South Korea
South Korea has sustained rapid growth, low debt, and resilience to global financial stress. South Korea's high-quality healthcare system has stimulated demand for medical tourism with strong government support. Implementation of free-trade agreements with the EU and US will likely have a considerable positive impact on the healthcare market through IP protection, opening of access to the single-payer government system, and a reduction in trade tariffs (estimated to eliminate 95% of tariffs within five years). Overall, the pharmaceutical and biotech business outlook in South Korea remains positive.

On the flip side, manufacturers will need to keep a close eye on reimbursement reform as it progresses, and be prepared to provide both strong clinical and economic data to justify pricing and market access.

Jill E. Sackman, D.V.M., PhD, is a senior consultant at Numerof & Associates, Inc. (NAI).

References
1. WHO, Global Health Expenditure Database, World Health Organisation, 2010, http://apps.who.int/nha/database/PreDataExplorer.aspx?d=1, accessed July 22, 2013.
2. Korean Pharmaceutical Traders Association, Korea's Top 10 Exporting Markets, Korean Pharmaceutical Traders Association (2010), http://www.kpta.or.kr/eng/Info/statistics_export.asp
3. Seo, Eunking. Bloomberg BusinessWeek, (Feb. 21, 2013), http://www.businessweek.com/articles/2013-02-21/south-koreas-hottest-import-foreign-workers, accessed July 22, 2013.
4. Chung, Seung. Minister's Message. Ministry of Food and Drug Safety, 2013.
5. Kim, So-Hyun, The Korea Herald (Aug. 12, 2011), http://www.koreaherald.com/view.php?ud=20110812000778, accessed July 22, 2013.
6. Seo, Eun-kyung, Reuters (July 15, 2009), http://www.reuters.com/article/2009/07/15/us-samsung-bio-idUSTRE56E0ZP20090715, accessed July 22, 2013.
7. Office of the United States Trade Representative. Press Release (Feb. 21, 2012).
8. PhRMA. Press Release, Feb. 21, 2012.
9. Yang BM, Bae EY, Kim J. Health Affairs, (2008) Jan-Feb;27(1):179-87. doi: 10.1377/hlthaff.27.1.179.


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