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CPhI outlines trends from the conference in Seoul.
On Sept. 13, 2016, CPhI announced the major trends that emerged from the recent closing of its 2016 exhibition from August 23–25, 2016 at COEX Hall D in Seoul. The third edition of CPhI Korea welcomed 4537 visitors from more than 51 countries and 159 exhibitors. CPhI Korea’s industry partners for the event included Ministry of Food and Drug Safety, Chungbuk Technopark, Korea Federation of Small and Medium Business, Korea Biomedicine Industry Association, Korea Drug Research Association, and Korea Institute of Technology.
One of the key trends to emerge from the conference was an increase in internationalization. Highlighting this major shift, CPhI Korea 2016 saw a 38% increase in overseas attendees, with sessions exploring market-entry strategies for the European Union, Japan, and China. In total, an impressive international participation included exhibitors from 108 overseas companies and 925 overseas buyers. The Korean Government is actively encouraging overseas clinical trials, mergers and acquisitions, and open innovation with a USD $150 million Global Healthcare Fund investment.
Another trend at CPhI Korea was a focus on the Korean biosimilar market, which is expected to reach $1.2 billion by 2019, CPhI said in a press announcement. Key trends highlighted during sessions included Accelerated CMC Approaches for Therapeutic Antibody Development and a study on the regulatory harmonization of bioequivalence.
The Korean nutraceutical sector experienced an 11.5% growth in the past year, reaching $1.7 billion. CPhI Korea opened its first ever Health Ingredients (Hi) Korea. The new co-located event brought experts from across the nutraceutical sector and offered insights on regional prospects (primarily in Japan), as well as new regulatory guidelines for health benefits claims of nutraceuticals.