The South Korean pharmaceutical market is expanding and expected to reach more than 21 billion USD by 2021 with a compound annual growth rate (CAGR) of 2.5%, increasing from 18.6 billion USD in 2016.
The South Korean government is increasing its focus on introducing generics in order to reduce public costs.
This caused an even greater rise in the generic sector, forecasting an annual growth rate of over 7% compounded annually.
In international trade, pharmaceutical exports doubled to over 5 billion U.S. dollars in 2018. The bio-pharmaceutical sector continued to enjoy increased exports that were significantly higher than imports. Exports increased from around 400 million U.S. dollars in 2013 to almost 2 billion U.S. dollars in 2019.
Beginning this month Pharma14 has begun covering this exciting and large market in it's, monthly updated, global medicine and pricing database.
14 Shenkar st.