South Korean market projected to be worth $23.2 billion by 2022

7 August 2019

The South Korean pharmaceutical market’s value is set to increase from nearly $19.5 billion in 2018 to more than $23.2 billion by 2022, according to a GlobalData report.

South Korea’s plans to invest more than $1.7 billion in its biotechnology and biopharmaceutical sectors over the next five years will attract foreign investment, the report states.

Prashant Khadayate, pharma analyst at GlobalData, said: “The latest move is consistent with the country’s current four-year plan, which aims to position the country as a global biotech and medical industry hub by investing more in R&D. However, latest investment focus is more towards biotechnology and biopharmaceuticals sectors and not medical industry.

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