In just three years, South Korea has been reclassified from an emerging market to a developed market by IMS. This is based on South Korea’s GDP level, as well as a well-established and growing economy, rising income levels, better living conditions, and an improved healthcare system that has led to general improvements in public health. For example, infant mortality has decreased and life expectancy has increased, according to a report from Fast Market Research.
“South Korea still has some characteristics of an emerging market, but combined sales of prescription drugs and OTC medicines are forecast to post high single-digit compound annual growth rates over the next five years,” says Jamie Davies, head…
The Connected Physician
South Korea: Market Facts
Won-Jung Choi. CEO, DreamCIS, a Korean-based CRO with subdivisions in clinical research, pharmacovigilance, postmarketing surveillance, and biometrics. For more information, visit dreamcis.com.
Jamie Davies. Head of Pharmaceuticals and Healthcare Analysis, Business Monitor International, an independent provider of proprietary data, analysis, ratings, rankings, and forecasts covering 175 countries and 22 industry sectors. For more information, visit businessmonitor.com.
Jan Willem Eleveld. VP, Management Consulting, IMS Health Consulting, Asia Pacific, a provider of market intelligence to the pharmaceutical and healthcare industries. For more information, visit imshealth.com.
DonKi Kim. A GLG expert and CEO, Global Damon Pharma (GDP), a Korean-based consultancy; Mr. Kim is a member of the GLG network, a global marketplace for expertise provided through GLG Councils, a network of consultants, physicians, scientists, engineers, attorneys, market researchers, and other professionals from around the world. For more information, visit glgroup.com.
Jong Ran Kim. Senior Director for Asia Clinical Operations, Icon Clinical Research, a provider of outsourced development services to the pharmaceutical, biotechnology, and medical-device industries. For more information, visit iconplc.com.
Michael Klein. Head of Sites Asia, Quintiles, a fully integrated bio and pharmaceutical services provider offering clinical, commercial, consulting, and capital solutions. For more information, visit quintiles.com.
Junghwa Lee. General Manager, Korea, Kantar Health, a global consultancy and marketing insights organization, and a strategic decision support partner to the life-sciences industry. For more information, visit kantarhealth.com.