Domestic firms predict a 16% growth in the South Korean pharma market

As the largest pharma event in South Korea, the confidence amongst the attendees at the CPhI Korea meeting this year is a good indication of the industry’s overall health.

Importantly, the onsite survey results showed that 75% of domestic companies believe that the South Korean ‘biologics and biosimilars sectors will grow the fastest.’ However, just 44.5% of international companies agreed with this, with 30% stating generics had the biggest potential.

Highlighting the positive impact the Incheon Free Economic Zone has had on the industry, 95% of all respondents backed the government introducing ‘further similar incentives.’ International respondents were also complimentary of government initiatives to position the country as a biotech leader. Over 85% of them agreed that ‘Bio-Vision 2016 had been very successful and made good strides in achieving the goal of becoming a trusted market frontrunner.’ Conversely, a diametric result was observed domestically as only 33% of respondents saw the initiative as a success.