The finished drug market in Korea is flourishing thanks to the growth in generics, according to CPhI Korea,
Over the last 12 months, market conditions have spurred a strong expansion in exports of finished formulations, driven primarily by an expanding domestic generics market.
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 internationalisation of Korea has occurred as a result of the competitive pricing in the large domestic generics market, which has made Korean exports increasing attractive,” said Laura Murina, CPhI Korea Brand Manager.
“What we are now seeing is Korean companies targeting regional exports and even opening facilities overseas to capitalise on growth. As a result, we have seen a steady increase in international attendees and finished formulation companies.”