"South Korea Pharmaceuticals & Healthcare Report Q4 2014" is now available at Fast Market Research
New Healthcare research report from Business Monitor International is now available from Fast Market Research
[USPRwire, Fri Aug 29 2014] South Korea's pharmaceutical market will continue to grow in low-single digit terms due to the government's aim to contain healthcare expenditure in general and pharmaceutical costs in particular. Consequently, domestic companies will have to expand beyond South Korea to maintain growth.
Headline Expenditure Projections
* Pharmaceuticals: KRW16,106.7bn (USD14.71bn) in 2013 to KRW16,590.4bn (USD15.80bn) in 2014; +3.0% in local currency terms and +7.4% in US dollar terms. Forecast broadly in line with Q 3 14.
* Healthcare: KRW101,399.1bn (USD92.60bn) in 2013 to KRW107,660.9bn (USD102.53bn) in 2014; +6.2% in local currency terms and +10.7% in US dollar terms. Forecast slightly downgraded due to receipt of data from the World Health Organization.
In Q4 2014, South Korea ranks second out of the 19 countries surveyed in the Asia Pacific region. South Korea's score for its Rewards variable is second only to Japan, indicating the country's favourable longer-term standing in terms of its pharmaceutical market development. However, we note that Risks - particularly in relation to pharmaceutical pricing and reimbursement - will remain present, especially as the population ages and requires more public sector resources.
Key Trends & Developments
* In June 2014 the US Food and Drug Administration (FDA) permitted sales of Sivextro (tedizolid), an antibiotic for treating methicillin-resistant Staphylococcus aureus (MRSA) infections, which was developed by Dong-A. The company expects to register annual sales of about KRW300bn (USD293mn) in the US from licence royalties and technology support from its US producer and distributor Cubist Pharmaceuticals.
* In the same month, Hanwha Chemicals resubmitted its application for the first biosimilar of arthritis therapy Enbrel (etanercept) to the Ministry of Food and Drug Safety (MOFDS). The company first submitted an application for market approval in 2012, but it voluntarily...
The South Korea Pharmaceuticals & Healthcare Report features Business Monitor International (BMI)'s forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.
BMI's South Korea Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Korean pharmaceutical and healthcare industry.
Key Benefits
* Benchmark BMI's independent pharmaceutical and healthcare industry forecasts for South Korea to test other views - a key input for successful budgeting and strategic business planning in the Korean pharmaceutical and healthcare market.
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