Moving forward in South Korea
South Korea has sustained rapid growth, low debt, and resilience to global financial stress. South Korea's high-quality healthcare
system has stimulated demand for medical tourism with strong government support. Implementation of free-trade agreements with
the EU and US will likely have a considerable positive impact on the healthcare market through IP protection, opening of access
to the single-payer government system, and a reduction in trade tariffs (estimated to eliminate 95% of tariffs within five
years). Overall, the pharmaceutical and biotech business outlook in South Korea remains positive.
On the flip side, manufacturers will need to keep a close eye on reimbursement reform as it progresses, and be prepared to
provide both strong clinical and economic data to justify pricing and market access.
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