Fast growth forecast for South Korean pharma market
South Korea's pharmaceuticals market was valued at $20 billion in 2012, growing from $14.5 billion in 2006 at a compound annual growth rate (CAGR) of 5.5%, according to a new report from researchandmarkets. The market is expected to increase at a CAGR of 7.2% over the 2012-2018 period.
The industry experienced slower year-on-year growth in 2009 and 2010 due to decreased raw material production. It is expected to grow at a CAGR of 7.6% to reach $31.1 billion in 2018. An increase in insurance coverage, the country's aging population and favorable government initiatives are expected to drive the industry's growth in the future.
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