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).
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