South Korean pharma rapidly becoming manufacturing export hub

The surge in international companies wanting to partner in Korea reflects a flourishing South Korean pharma economy, which, in recent years, has become the third largest pharma region in Asia, with a forecasted growth from $18.6 billion in 2016 to $20.4 billion in 2020.

The data were released ahead of the CPhI Korea meeting, which returns to Seoul COEX Convention and Exhibition Center for its fourth edition from August 22 to 24, 2017. CPhI Korea 2017 will see a 13% rise in the number of exhibitors, in addition to a more than doubling of overseas buyers since 2015, it was noted.

The domestic biopharmaceutical market has also observed a notable surge over the last five years with a compound annual growth rate (CAGR) of 9%. One of the main factors for this growth stems from government incentives such as the ‘Incheon Free Economic Zone,’ with the intent of becoming one of the future top three economic zones in the world.