How to access and succeed in the dynamic Korean pharmaceutical market

22 November 2010

South Korea is an amazing economic success story and the origin of much cutting edge technology. Its pharmaceutical market can now also be given “Asian tiger” status, comments veteran pharma expert Donald Macarthur, who has particular experience of the Asia region.

The past four years have seen total sales growth of 15.6%, 13.5%, 12.4% and 13.8% respectively. IMS forecasts a compound annual growth rate (CAGR) of 6.5% from 2010 through 2015, making Korea the fastest growing developed market for medicines in the world. Currently ranked fourth in the Asia-Pacific region - after Japan, China and India, but ahead of Australia - drug sales at manufacturer selling prices are the equivalent of $11 billion.

Foreign innovative products did not gain generalized access to reimbursement under South Korea’s National Health Insurance (NHI) until late 1999 so it is remarkable that multinationals now occupy half of the top-10 sales rankings, and in total enjoy a 40% market share.

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