Korea Pharmaceutical Consulting
As the fourth largest pharmaceutical market in Asia, Korea’s pharmaceutical market is worth more than $8 billion, after Japan, China, and India. Korea’s pharmaceutical market is driven by high private and public healthcare spending, as well as a gradually aging population in need of medical treatments. International drug companies need to be well-informed of Korea’s healthcare developments to thrive in its drug market. PBM has done a wide range of pharmaceutical consulting work in Korea. We have assisted international drug companies in partner searches, maximizing sales, product registration and sourcing in Korea’s drug market.
Most Korean drug manufacturers currently focus on generics. However, some of these local drug manufacturers are gradually increasing their investments in research and development to produce more innovative drugs. About 50% of Korea’s pharmaceutical products are sold to large general hospitals through drug distributors. Another 30% of Korea’s pharmaceutical products are sold directly to mid-sized general hospitals and clinics with the remaining 20% sold over-the-counter (OTC) in pharmacies. International drug companies interested in introducing their products in Korea can approach PBM’s pharmaceutical consultants for assistance. We are also able to provide clients with market research on the Korean pharmaceutical market.
Currently, major challenges facing Korea’s healthcare system are lower fertility rates and an aging population. Korea’s population is aging rapidly, with more than 10% of its population above 65 years old. Significantly more retirees are placing an increasing burden on the government’s healthcare budget. Public spending takes up more than 50% of Korea’s total healthcare expenditure. In addition, the demand for pharmaceutical products in Korea has been growing since the full implementation of the National Health Insurance Scheme in 1989.
On the regulatory front, the Korea Food and Drug Administration (KFDA) is the main regulatory body for drugs, medical devices, food, and cosmetic products. It also implements rules and guidelines that govern the registration, use and safety of these medical products.
With a strong background and experience in medical consulting, PBM’s Korea pharmaceutical consultants work with the highest level of professionalism and integrity. We possess the expertise to provide value-added input and sound consulting services to help our clients succeed.