CPhI Returns to Growing South Korean Pharma Market

With the pharmaceutical economy in South Korea on the upswing, CPhI Korea, organized by UBM EMEA, will return to the COEX in Seoul, South Korea on 7-9 September this year with an exhibition space three times larger than 2014.   Last year, South Korea reached a milestone in joining The Pharmaceutical Inspection Convention and Pharmaceutical Inspection Co-operation Scheme (PIC/S), which allowed domestic companies in the South Korean pharma industry to advance into foreign markets. CPhI Korea aims to provide an even bigger platform this year for such international collaboration, growing in tandem with the wider economy.   The pharma economy in South Korea is expected to reach a value of over $24 billion by 2020; following the country’s “Pharma 2020 Vision”, the government has committed $8.9 billion to drug development over the next five years. Investment in biotechnology is increasing, with annual double-digit growth expected in this sector over the coming years. South Korea also has the largest number of biosimilar clinical trials and targets in its pipeline, making it the global leader for development within this class.   The South Korean market is already the fifteenth largest pharmaceutical market in the world.   CPhI Korea information.