Domestic companies predict a 16% growth in the South Korean pharma market during CPhI Korea
The Coex where CPhI Korea took place
CPhI Korea, organised by UBM, closed its doors in Seoul after an event attracting an impressive 4300 attendees and 147 exhibitors.
During the event, UBM undertook an in-depth onsite survey of both international and domestic attendees, with domestic companies reporting a headline growth in the order of 16% across the South Korean pharma economy.
As the largest pharma event in South Korea, the confidence amongst the attendees is a good indication of the industry’s overall health. And, the onsite survey results showed that 75% of domestic companies believe that the South Korean “biologics and biosimilars sectors will grow the fastest”. However, just 44.5% of international companies agreed with this, with 30% stating generics had the biggest potential.
Highlighting the positive impact the Incheon Free Economic Zone has had on the industry, 95% of all respondents backed the government introducing “further similar incentives”. International respondents were also complimentary of government initiatives to position the country as a biotech leader.
More than 85% of them agreed that “Bio-Vision 2016 had been very successful and made good strides in achieving the goal of becoming a trusted market frontrunner”. Conversely, a diametric result was observed domestically as only 33% of respondents saw the initiative as a success.
Laura Murina, Brand Manager for CPhI Korea, said: “CPhI Korea reflects this booming pharma economy and the event provided an on-the-ground view of the changes in the market. In particular, a higher demand for biologics products and high growth in the biosimilars sector is now complementing South Korean pharma’s strength in innovative products, with generics also showing promising growth.”
International partnerships are quickly becoming a driving force for South Korea’s pharma sector. Highlighting this, over 95% of the international companies surveyed, reported they are looking to work with South Korean partners in the next year and 43% of domestic respondents have undertaken work in international markets.
Murina said: “CPhI Korea provides the international pharma community with a vast array of opportunities within the domestic market and there has been a visible shift towards South Korean companies starting to work together with the international industry at the event.”
The complete report and analysis will be available on the CPhI Pharma Insights website later this year.