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South Korea’s pharma/biotech space is projected to grow to $23.2 billion by 2022, and will likely attract foreign investment, according to a new market report by GlobalData.
In an Aug. 7, 2019 press release, GlobalData, a data and analytics company, reported that South Korea’s plans to invest more than $1.7 billion in its biotechnology and biopharmaceutical sectors over the next five years will attract foreign investment as the country’s pharmaceutical market is set to grow from nearly $19.5 billion in 2018 to more than $23.2 billion by 2022.
“The latest move is consistent with the country’s current four-year plan, which aims to position the country as a global biotech and medical industry hub by investing more on research and development (R&D). However, latest investment focus is more towards biotechnology and biopharmaceuticals sectors and not medical industry,” said Prashant Khadayate, Pharma Analyst at GlobalData, in the press release.
A number of deals within key therapy areas in South Korea’s pharma/biotech space have followed an increased trend between 2015 and 2018, GlobalData’s study shows. These areas pose strong potential for biopharmaceutical development, including in oncology, gastroenterology, and immunology.
South Korea’s Celltrion and Samsung Bioepis have already established a stronghold in the race for the development and commercialization of biosimilars. Moreover, the world’s first stem-cell therapy was produced in the country, which also currently produces four out of the seven globally commercialized stem-cell therapy products.
“The South Korean government is supporting its strategy to become a global biotech by using its excellent infrastructure and workforce, along with top-level clinical study capacity and IT platform. This will further support new collaborations in the overall pharma space,” Khadayate added.