[Image courtesy of Wikipedia]
Provisional CPHI Annual survey data indicate that South Korea’s pharma sector is moving up in the world.
The 2022 CPHI Annual survey found that the Korean pharma sector saw a 12% boost in overall competitiveness.
The acronym CHPI refers to the Convention on Pharmaceutical Ingredients.
While in 2019, some industry observers were opining that South Korea’s pharma dreams were struggling, South Korea had a faster recovery from the pandemic than many other Asian countries.
The Korean pharma sector also was able to fast-track a national, home-grown vaccine development program, becoming a leading global vaccine manufacturer as a result.
Its contract manufacturing industry has seen fast growth in the past two years.
Prominent pharma companies in Korea include Yuhan Corp., Kolmar Korea, GC Pharma, Chong Kun Dang, Hanmi Pharmaceutical, Kwang Dong Pharmaceutical and Daewoong Pharmaceutical.
The Korean government anticipates the nation will have more than $50 billion in exports by 2030. As a result, international companies are working on strengthening supply chain links to the country.
Korea’s pharma sector has been active for more than a century.
Activity ramped up with the country’s patent system launch in 1987, prompting pharma companies to scale up R&D activities.
In the past three decades, Korean pharma companies have launched 33 new drugs in the domestic market and achieved FDA approval for a novel monoclonal antibody biosimilar.
South Korea’s government has also made significant investments in the country’s pharmaceutical and biotech industries in recent years.
Korea also has a robust R&D network with approximately 150 supporting universities or colleges.