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Japanese pharma market evolves towards generics and innovative products, reports CPhI, as CPhI Japan 2015 commences.
CPhI Japan 2015 opens as new foreign entrants and generics drive Japanese pharma market value to US$166 billion by 2023. The event, organized by UBM EMEA, will take place at the Big Sight Exhibition Centre, Tokyo, Japan, April 22-24. Now in its 14th consecutive year, 2015 will see the event co-located with ICSE, BioPh, InnoPack, and P-MEC in conjunction LABWorld.
The global pharma event returns to Japan as the regional industry is increasingly looking to international partners for collaborations. Examining the market, CPhI forecasts that the next wave of Japanese growth will be driven primarily by the recent uptake of generics and the pharma economy will reach a value of $166 billion by 2023. Collectively, this means that the Japanese pharma economy is shifting away from being a domestically dominated market, with companies now utilizing a more open, internationally collaborative approach, CPhI reports.
Within the country there is a duel strategy emerging, with big pharma still maintaining the vast majority of the market through high-value, innovative drugs. This focus on big pharma has resulted in Japan’s status as the third largest producer of patented drugs. Over the next few years, Japanese companies will be responsible for some of the biggest breakthroughs in healthcare. The government support for the industry and its reimbursement model continues to makes this an attractive market for the development of new drugs, CPhI reports.
CPhi also reports a shift to an increased use of generic drugs that will act as the key contributor for future growth and will gradually help reduce the overall healthcare cost for the country, presenting opportunities for a new type of market entrant.
CPhI reports that the event is the largest pharmaceutical industry gathering in Japan, with an estimated 17,500 visitors and more than 500 exhibiting companies expected, building on last year’s numbers of 17,275 and 400 respectively. More than 30 countries are scheduled to be present in 2015.
The program of 2015 CPhI Japan includes three days of seminars, conferences, and workshops; a mobile app showing exhibitor list, floor plan, and schedule; and a buyer appointment system enabling buyers to set meetings with new supplier.
Source: CPhI Japan