South Korea's new drug pricing system labeled good news for innovation

8 September 2021

South Korea has recently decided to provide practical support to innovative pharmaceutical companies by revising the existing health insurance benefits system.

The new system of preferential drug pricing, if designed effectively, can boost innovation in the country’s pharmaceutical research, according to data and analytics company GlobalData.

"Preferential drug pricing can bring some relief to patients by improving access to essential treatments"South Korea’s pharma market is estimated by GlobalData to grow at a compound annual growth rate (CAGR) of 3.8% to reach a value of $34.3 billion in 2025.

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