Generics drive sees Korea’s pharmaceutical progressively attractive to international pharma

A surge of international partnerships and biosimilars is helping drive Korea’s pharmaceutical market, new findings show.

Provisional data from the CPhI Annual Report 2019 shows that areas including ‘API quality’, ‘growth potential’ and ‘innovation’ improved in Korea over the past year, leading to a 9% increase in the country’s overall competitiveness.

These growth areas are putting Korea on track to becoming a global biotech and pharmaceutical hub by 2025.

In fact, South Korean President Moon Jae-in stated in May 2019 that the government will help foster ‘the biotechnology and pharmaceutical sectors as the country's new economic growth drive’.

The findings come in the run up to CPhI Korea which is set to open its doors at the Seoul COEX Convention and Exhibition Centre from 21-23 August 2019.

“The show is widely seen as a barometer of industry trends within the region and this year we expect to see an increase in international bio buyers looking for access to services, equipment and bio-solutions as well as domestic partners. In total, over 5000 attendees from more than 50 countries and more than 190 exhibitors will attend,” commented Laura Murina, brand manager at Informa, one of the co-organisers of the event.

Korean pharmaceutical exports are also becoming attractive due to competitive pricing in the generics market. At CPhI Korea the Korea Trade-Investment Promotion Agency (KOTRA) is facilitating exhibitors to meet with overseas buyers selected by the Global Bio Pharma Plaza (GBPP).

To emphasise the country’s growth in exports, the CPhI Korea Conference will include sessions from the Thai FDA, the Japanese PMDA, the China Chamber of Commerce for Imports and Exports of Medicines and Health Products (CCCMHPIE), as well as the European Directorate for the Quality of Medicines.

“South Korea’s expanding generics market and changing regulations are driving more international companies towards local partnerships. One of the great added benefits of this event’s size and dynamics is that it allows attendees to have more in-depth and targeted meetings. The high quality of meetings means that they deliver a very high rate of partnership outcomes,” Murina added.

A ‘Meet the Expert Programme’ is also being organised at the show with Korea Pharmaceutical Traders Association (KPTA) to help international companies looking to enter the country.

Information source: here