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The pharmaceutical market in Japan is moving towards generic and innovative products, and is expected to hit US$166 billion by 2023.
CPhI Japan, organized by UBM EMEA, is set to take place at the Big Sight Exhibition Center, Tokyo, Japan, from April 22–24, 2015. This marks the 14th consecutive year of the event, which is co-located with ICSE, BioPh, InnoPack, and P-MEC in conjunction LABWorld.
Pharmaceutical players in Japan are increasingly looking for international partners for collaborations. CPhI has projected that the next wave of Japanese growth will be driven primarily by generic drugs, with the pharmaceutical market expected to hit US$166 billion by 2023. This means that the Japanese pharma economy is moving away from being a domestically dominated market as companies begin to recognize the importance of more open, internationally collaborative approach.
In Japan, there appears to be a duel strategy on the horizon. Big Pharma, on the one hand, still maintains the vast majority of the market through high-value, innovative drugs. This focus has won Japan its status as the third largest producer of patented drugs. It is believed that Japanese companies could be responsible for some of the biggest breakthroughs in healthcare over the next few years. Support from the local government and the country’s reimbursement model are among the drivers for making Japan an attractive region for the development of new drugs. On the other hand, there is a shift towards the use of generic drugs, which will act as the key contributor for future growth as well as help reduce the overall healthcare costs in Japan.
CPhI Japan strives to provide insights into the country’s market trends and regulations. The event is known to bring new business opportunities for domestic and international players. It is said that CPhI Japan is now the largest pharmaceutical gathering in Japan, with approximately 17,500 visitors and more than 500 exhibitors expected. With globalization of the pharmaceutical industry, CPhI Japan is also expanding its presence; this year, more than 30 countries will be represented at the event.
Source: CPhI Japan