South Korean pharmaceutical market to grow slowly to $20.4 billion by 2020, says analyst

27 April 2016

The pharmaceutical market in South Korea will rise from around $18.6 billion in 2016 to $20.4 billion in 2020, representing compound annual growth rate (CAGR) of 2.4%, as the government increasingly focuses on generics in order to reduce healthcare expenditure, new research indicates.

According to research and consultancy firm GlobalData’s latest report, the country’s generics market increased from $3.5 billion in 2008 to around $5.8 billion in 2015, growing at a CAGR of 7%, as the government has invested significantly in the generics market in recent years. Many novel drugs are set to lose their patents by 2020, meaning South Korea’s generics market is expected to increase significantly.

Market will be driven by population growth and government initiatives

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