South Korea Pharmaceuticals & Healthcare Report Q4 2014
Headline Expenditure Projections
- Pharmaceuticals: KRW16,106.7bn (USD14.71bn) in 2013 to KRW16,590.4bn (USD15.80bn) in 2014; +3.0% in local currency terms and +7.4% in US dollar terms. Forecast broadly in line with Q 3 14.
- Healthcare: KRW101,399.1bn (USD92.60bn) in 2013 to KRW107,660.9bn (USD102.53bn) in 2014; +6.2% in local currency terms and +10.7% in US dollar terms. Forecast slightly downgraded due to receipt of data from the World Health Organization.
In Q4 2014, South Korea ranks second out of the 19 countries surveyed in the Asia Pacific region. South Korea's score for its Rewards variable is second only to Japan, indicating the country's favourable longer-term standing in terms of its pharmaceutical market development. However, we note that Risks - particularly in relation to pharmaceutical pricing and reimbursement - will remain present, especially as the population ages and requires more public sector resources.
Key Trends & Developments
- In June 2014 the US Food and Drug Administration (FDA) permitted sales of Sivextro (tedizolid), an antibiotic for treating methicillin-resistant Staphylococcus aureus (MRSA) infections, which was developed by Dong-A. The company expects to register annual sales of about KRW300bn (USD293mn) in the US from licence royalties and technology support from its US producer and distributor Cubist Pharmaceuticals.
- In the same month, Hanwha Chemicals resubmitted its application for the first biosimilar of arthritis therapy Enbrel (etanercept) to the Ministry of Food and Drug Safety (MOFDS). The company first submitted an application for market approval in 2012, but it voluntarily...
The South Korea Pharmaceuticals & Healthcare Report features Business Monitor International (BMI)'s forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.
BMI's South Korea Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Korean pharmaceutical and healthcare industry.
- Benchmark BMI's independent pharmaceutical and healthcare industry forecasts for South Korea to test other views - a key input for successful budgeting and strategic business planning in the Korean pharmaceutical and healthcare market.
- Target business opportunities and risks in the Korean pharmaceutical and healthcare sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in South Korea.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.
BMI Industry View & Industry SWOT
An at-a-glance perspective on latest regulatory developments, key forecast indicators and major corporate developments, covering the prescription, OTC and generics markets. The SWOT outlines strategic factors which affect BMI's forecast analysis, and taken together with BMI's political, economic and business environment SWOTS, it gives a complete overview of market climate.
Snapshot of key market characteristics, including total size of pharmaceuticals and healthcare segments, growth drivers, leading therapeutic areas and the competitive landscape.
Details of the industry regulatory framework and key legislation covering the licensing of new products/services, pricing and reimbursements, intellectual property, taxation and advertising, as well as an analysis of the overall regulatory burden.
Focus on government healthcare reforms, epidemiological trends, company M&As, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.
BMI Industry Forecasts
Forecasts to end-2018 for all key industry indicators (see list below) supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:
Healthcare: Total healthcare expenditure (US$bn), healthcare expenditure (% of GDP), healthcare expenditure per capita (US$), hospital beds (per `000 population), doctors (per `000 population), birth and mortality rate (per `000 population)
Pharmaceutical market: Drug expenditure (US$bn), drug expenditure (% of GDP), drug expenditure per capita (US$)
Patented drug market: Prescription drug sales (US$bn), prescription sales (% of total sales), sales broken down by 14 therapeutic areas (cardiovascular, anti-infectives etc.)
Generic drug market: Generic product sales (US$bn), generic sales (% of total sales)
OTC drug market: OTC sales (US$bn), OTC sales (% of total sales), sales broken down by product types (analgesics, skin treatments, vitamins and minerals etc.)
Medical Devices: Medical device sales (US$bn), medical device sales (% of total healthcare market)
Macroeconomic Forecasts: Nominal and real GDP, % real GDP growth, % private consumption growth, % industrial output growth, % consumer price index, % GDP price deflator, exports, imports, trade balance, current account balance, foreign direct investment, exchange rate against US$, government expenditure, external debt.
The competitive landscape section provides comparative company analyses and rankings by US$ sales and % share of total sales - for the total pharmaceutical sector, as well as the OTC, generics, and distribution sub-sectors.
Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.
South Korea's pharmaceutical market will continue to grow in low-single digit terms due to the government's aim to contain healthcare expenditure in general and pharmaceutical costs in particular. Consequently, domestic companies will have to expand beyond South Korea to maintain growth.
South Korea Pharmaceuticals Industry SWOT
South Korea Political SWOT
South Korea Economic SWOT
South Korea Business Environment SWOT
Pharmaceuticals Risk/Reward Ratings
Table: Asia Pacific - Regional Pharmaceuticals Risk/Reward Ratings, Q213
South Korea - Market Summary
Controversial Trade Practices
Intellectual Property Regime
Separation Of Prescribing And Dispensing
Table: Selected List Of Illegal Rebates Cases
Foreign Trade Developments
Industry Trends And Developments
National Health Insurance Corporation
Research And Development
Table: MOHW's R&D Grants by Company & Industry Field, 2004-09
Table: Top R&D Spenders In Listed Firms In Selected Asia Pacific Countries (%)
Stem Cell Research
Table: South Korea's Bio-Industry Backbone
Industry Forecast Scenario
Pharmaceutical Market Forecast
Table: South Korea Pharmaceutical Sales, Historical Data And Forecasts
Healthcare Market Forecast
Table: South Korea Healthcare Expenditure Trends, Historical Data And Forecasts
Table: South Korea Government Healthcare Expenditure Trends, Historical Data And Forecasts
Table: South Korea Private Healthcare Expenditure Trends, Historical Data And Forecasts
Key Growth Factors - Macroeconomic
Table: South Korea - Economic Activity
Prescription Drug Market Forecast
Table: South Korea Prescription Drug Market Indicators, Historical Data and Forecasts
Patented Drug Market Forecast
Table: South Korea Patented Drug Market Indicators, Historical Data And Forecasts
Generic Drug Market Forecast
Table: South Korea Generics Drug Market Indicators, Historical Data And Forecasts
OTC Medicine Market Forecast
Table: List Of OTC Drugs To Be Sold Outside Pharmacies
Table: South Korea Over-The-Counter (OTC) Medicine Market Indicators, Historical Data And Forecasts
Pharmaceutical Trade Forecast
Table: South Korea Pharmaceutical Trade Data And Forecasts (US$mn)
Table: South Korea Pharmaceutical Trade Data And Forecasts (KRWmn)
Other Healthcare Data Forecasts
Key Risks To BMI's Forecast Scenario
Domestic Pharmaceutical Industry
Table: Top-20 Pharmaceutical Firms By R&D Expenditure As % Of Total In South Korea (2011)
Table: Pharmaceutical Manufacturers, 2004-10
Table: Pharmaceutical Production, 1991-2010 (KRWbn)
Table: Pharmaceutical Production By Therapeutic Category, 2009-2010 (KRWbn)
Table: Leading Pharmaceuticals Companies On Korea Exchange According To Market Capitalisation
Foreign Pharmaceuticals Sector
Recent Pharmaceutical Sector Developments
Table: Pharmaceutical Wholesalers, 2000-10
Table: Pharmaceutical Retailers, 2000-10
Timeline Of OTC Slow Liberalisation
Leading Local Manufacturers
Chong Kun Dang Pharmaceutical
Hanmi Pharmaceutical Co
Bukwang Pharmaceutical Company
Leading Multinational Companies
Merck & Co
South Korea - Population By Age Group
South Korea - Population By Age Group
South Korea - Key Population Ratios
South Korea - Rural and Urban Population
How We Generate Our Pharmaceuticals Industry Forecasts
Risk/Reward Ratings Methodology
Table: Pharmaceuticals Business Environment Indicators
Table: Weighting Of Components
This report does not have a list of Companies Mentioned available
This report does not have a press release associated with it