Donned with a strong base of cost-efficient and naturally skilled workforce, South Korea can be rightfully called an attractive clinical trials’ destination. Furthermore, with experience in manufacturing biologics, South Korea is set to become a global leader in the development of biosimilars. The role of the pharmaceutical industry in improving the general health of the people is receiving ever more attention as the country faces the challenges of a rapidly aging population and a rise in chronic illnesses.
Further, to strengthen the country's pharmaceutical industry, the government has vowed to support exports in a myriad of ways including the provision of various tax breaks to companies investing in the research and development (R&D) of new drugs. Multinational pharmaceutical companies have also been continuously increasing their R&D investment in this region, and of recent, there has been a significant rise in initial clinical trials.
All these trends reflect the existence of talented human resources in the area of R&D and proves its sophisticated infrastructure. Worthy to note, Korea has been constantly developing the infrastructure necessary for attracting more R&D initiatives, with the steady inflow of R&D investments from global pharmaceutical companies. Supported by a myriad of all these factors, our report, “Asia Pacific Pharma Sector Analysis”, forecast South Korea’s pharma market to witness a CAGR growth of 11% during 2012-2015.
Moreover, the report, finds that the market growth will mainly be driven by factors, like changing regulatory environment, increasing disposable incomes, rising prevalence of lifestyle diseases, and significant developments in the field of contract manufacturing, particularly in APIs. On studying the pharmaceutical market in each country, we observed that mature markets, such as Japan and Australia are experiencing slower growth rates, while emerging as new market leaders, China and India are enjoying investments by foreign pharmaceutical companies. South Korea and New Zealand are relatively small markets, with the growth limited by the size of these island nations. We have also studied the market scenario in Indonesia, Thailand, the Philippines, Malaysia and Vietnam.
We also revealed why the Asia-Pacific region is emerging as a new destination for the generic drugs industry. As per our findings, the western countries face the issue of poorly defined regulatory pathways, and a few Asian countries are well positioned to benefit from these changes, attracting huge investments by generic companies. The OTC sector in the region has also been expanding rapidly. The report provides in-depth information about regulatory environment and key market players in each country. This way, our research work aims at presenting a fair picture of the industry to clients.
For FREE SAMPLE of this report visit: http://www.rncos.com/Report/IM226.htm
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- Booming Clinical Trials Market in India (http://www.rncos.com/Report/IM564.htm)
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