South Korea's biomedical research and development sector will continue to flourish in line with growing investments by multinational drugmakers. The country's business-friendly environment, rapid drug approval time and increasingly stringent regulatory standards will further increase the country's appeal to foreign drugmakers. The South Korean government’s investment in the big data field will create wider access to genomic data by pharmaceutical and healthcare companies, potentially leading to increasing discoveries of treatable targets, and the ability to deliver more precise medical treatment. The South Korean pharmaceuticals market is one of the most developed in Asia, alongside Japan and Australia. In 2017, total pharmaceutical sales amounted to KRW19.2trn (USD17.0bn) with a per capita pharmaceutical spend of USD334.6. As a proportion of total healthcare expenditure, medicine spending amounted to 14.90% in 2017. However, we expect pharmaceutical spending to come under further pressure from cost-containment measures, with the government looking to rein-in public spending on medicines.

Key View

SWOT

Industry Trend Analysis

Pharmaceutical Market Forecast

Healthcare Market Forecast

Prescription Drug Market Forecast

Patented Drug Market Forecast

Generic Drug Market Forecast

OTC Medicine Market Forecast

Pharmaceutical Trade Forecast

Industry Risk/Reward Index

Asia Pacific Innovative Pharmaceuticals & Healthcare Risk/Reward Index

South Korea Innovative Pharmaceuticals Risk/Reward Index

Regulatory Development

Regulatory Review

Market Overview

Competitive Landscape

Company Profile

Daewoong Pharmaceutical

Dong-A Pharmaceutical

Eli Lilly

GlaxoSmithKline

Hanmi Pharmaceutical

Merck & Co

Novartis

Pfizer

Sanofi-Aventis Korea

Yuhan Corporation

South Korea Demographic Outlook

Pharmaceuticals & Healthcare Glossary

Pharmaceuticals & Healthcare Methodology