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Published by: Business Monitor International
Published: Aug. 18, 2008 - 94 Pages
Table of Contents
- Executive Summary
- South Korea Pharmaceuticals Industry SWOT
- South Korea Political SWOT
- South Korea Economic SWOT
- South Korea Business Environment SWOT
- South Korea Business Environment Ranking
- Table: Asia Pacific Pharmaceutical Business Environment Rankings For Q308
- Limits Of Potential Returns
- South Korea - Market Summary
- Regulatory Regime
- Recent Regulatory Developments
- Table: GSI-128 Barcode: Key Facts
- Direct-To-Consumer Advertising
- Intellectual Property Regime
- Recent Intellectual Property Developments
- Market Access Barriers
- Pricing Regime
- Price Cuts
- Reimbursement Regime
- Table: Top 10 Products By Reimbursement Amount, H107 . 21
- Hospital Purchasing
- Foreign Trade Developments
- Industry Trends And Developments
- Epidemiology
- Healthcare
- Healthcare System Reforms
- National Health Insurance Corporation
- Recent Health Insurance Developments
- President Lee Myung-Bak's 747 Plan
- Domestic Pharmaceutical Industry
- Recent Domestic Industry Developments
- Foreign Companies
- Recent Foreign Sector Developments
- Research And Development
- Table: New Molecular Entities Developed By South Korean Drugmakers
- Clinical Trials
- Biotechnology Sector
- Table South Korea’s Bio-Industry Backbone
- Medical Devices
- Table: Classification Of Medical Devices In South Korea
- Recent Medical Devices Developments
- Industry Forecast Scenario
- Overall Market Forecast
- Table: Drug Expenditure And Prescription Market Indicators (KRWbn unless otherwise stated)
- Key Growth Factors - Industry
- Table: South Korea’s Health Expenditure Indicators
- Key Growth Factors - Macroeconomic
- Table: South Korea - Economic Activity
- Patented Market Forecast
- Table: South Korea’s Patented Market Data And Forecasts
- Generics Market Forecast
- Table: South Korea Generics And Branded Market Indicators
- OTC Market Forecast
- Table: South Korea OTC Market Indicators (KRWbn unless otherwise stated)
- Export/Import Forecasts
- Table: South Korea Pharmaceutical Trade Forecasts (US$mn)
- Other Healthcare Data Forecasts
- Table: South Korea Other Healthcare Data Forecasts
- Key Risks To BMI’s Forecast Scenario
- Competitive Landscape
- Table: Top 10 Corporations In South Korea By Sales, Q406
- Company Profiles
- Leading Multinationals
- GlaxoSmithKline (GSK)
- Pfizer
- Sanofi-Aventis
- Merck & Co
- Novartis
- Eli Lilly
- Leading Domestic Manufacturers
- Dong-A
- Hanmi Pharmaceutical Co
- Yuhan Corporation
- Daewoong Pharmaceutical
- Bukwang Pharmaceutical Company
- Kuhnil Pharmaceutical
- Choongwae
- BMI Forecast Modelling
- How We Generate Our Pharmaceutical Industry Forecasts
- Pharmaceutical Industry
- Pharmaceutical Business Environment Ratings Methodology .. 87
- Ratings Overview
- Table: Pharmaceutical Business Environment Indicators
- Weighting
- Table: Weighting Of Components
- Sources
- BMI Forecast Modelling
- How We Generate Our Pharmaceutical Industry Forecasts
- Pharmaceutical Ratings - Revised Methodology
- Ratings Overview
- Table: Pharmaceutical Business Environment Indicators
- Weighting
- Table: Weighting Of Components
- Sources
AbstractIn BMI’s Business Environment Rankings for Q308, South Korea remains ranked third out of 14 markets assessed, below Japan and Australia. South Korea, which is - therefore - regarded one of the most attractive regional markets, offers high per capita consumption, high prices of pharmaceuticals, an aging population, lack of public awareness of generic substitution rules and improved conditions as key drivers in the coming years. On the negative note, the recently announced price cuts will negatively impact the value of imports as well as the overall market value. Nevertheless, the government is firmly committed to the improvement of healthcare services delivery as well as the building of a solid biotechnology and life sciences sector.
Illustrating the strength of the biotechnology industry in South Korea, in January 2008, a potential treatment for ischaemic stroke, which was jointly developed by Korean researchers from Ajou University and pharmaceutical company NeuroTech, was approved by the US regulatory authorities for further clinical trials. The application had been submitted by US-based Amkor Pharmaceuticals, in which NeuroTech holds majority stake. The Neu2000KL drug was shown, in Phase I clinical trials, to be an effective anti-oxidant as well as useful in curbing the rate of dying brain cells following a stroke. In the meantime, the recently announced plan to liberalise the country’s health insurance sector, allowing competition between providers, has a strong potential to stimulate economy, and thus drug market growth. Large hospitals have in the past repeatedly asked the government to allow them to choose the insurance plan they would like to accept, as the national one makes little profit. The extra funding in the future could be spent on new drugs and equipment, although the programme has already attracted public criticism.
The country’s pharmaceutical industry landscape is also poised for change, following the April 2008 announcement that Sandoz Korea will break ties with its local partner Dong Wha and instead go it alone. BMI believes this development internationalises the generic drug sector, and we expect subsequent foreign entrants to promote their own drugs without a local partner. Sandoz is not alone in seeing potential in South Korea, with the world's largest generic drugmaker, Israel's Teva Pharmaceutical, and Indian powerhouses of Ranbaxy Laboratories, Dr Reddy's Laboratories and Cipla, also interested in entering the South Korean market.
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