South Korea’s pharmaceutical market is experiencing significant growth in finished drug products, according to CPhI Korea. During the last 12 months, market conditions have spurred a strong expansion in exports of finished formulations, driven primarily by an expanding domestic generics market.
South Korea’s domestic companies are transitioning quickly to an export-oriented stance. According to the Korean Pharmaceutical Traders Association (KPTA), the export of domestic finished products is growing with a total volume of $2.6 billion in 2017. Domestic APIs are also seeing steady growth with a total volume of $1.6 billion exported in 2017.
“The rapid internationalization of Korea has occurred as a result of the competitive pricing in the large domestic generics market, which has made Korean exports increasingly attractive. What we are now seeing is Korean companies targeting regional exports and even opening facilities overseas to capitalize on growth. As a result, we have seen a steady increase in international attendees and finished formulation companies,” commented Laura Murina, CPhI Korea Brand Manager.
“South Korea has an expanding reputation for delivering high-quality pharma, and global companies are now taking advantage of quicker clinical trials, the niche biosimilar industry, and innovative local companies to develop partnerships. As a result, the API sector will continue to grow steadily, with domestic companies increasing exports. However, we are simultaneously seeing international companies take advantage of changing regulations and demographics to enter the market.”