Generics Drive Finished Drug Market Growth in Korea

Over the past 12 months, market conditions in Korea have spurred a strong expansion in exports of finished formulations, driven primarily by an expanding domestic generic-drug market, according to a July 9, 2018 press statement from CPhI Korea.

South Korea’s domestic companies are transitioning quickly to an export-oriented stance. According to the Korean Pharmaceutical Traders Association (KPTA), the export of domestic finished products is growing with a total volume of $2.6 billion in 2017. Domestic APIs are also seeing steady growth with a total volume of $1.6 billion exported in 2017.

“The rapid internationalization of Korea has occurred as a result of the competitive pricing in the large domestic generics market, which has made Korean exports increasing attractive. What we are now seeing is Korean companies targeting regional exports and even opening facilities overseas to capitalize on growth. As a result, we have seen a steady increase in international attendees and finished formulation companies,” commented Laura Murina, CPhI Korea brand manager in a press statement.

The fifth annual CPhI Korea, organized by UBM (part of Informa PLC), will be held at the Seoul COEX Convention and Exhibition Centre from Aug. 28–30, 2018. The event will feature the launch of a finished dosage formulation (FDF) zone as well as a co-located event, BioPh, for biologics and biosimilar development and manufacturing. More than 5000 executives from 50 countries and more than 175 exhibitors will attend, the organizers report.

Onsite features and conference program are designed to help attendees navigate the Korean market; topics include implementation of International Council for Harmonization Q3D for APIs, the generic drug and biosimilar regulatory approval process in the United States, and future perspectives of GMP in Japan. Exhibitor showcases, an online matchmaking system, and exhibitor-attendee matching programs are featured.

Source: CPhI Korea