Release Date: 09-Sep-2014
“South Korea Biosimilar Market Analysis” Report Highlights:
South Korea has a strategic role in the global biosimilars market in the years to come. Among the emerging nations best suited for development of biosimilars, South Korea is one of the most promising countries where pharmaceutical companies have identified huge potentials. One of the major reasons for the attractiveness of Korea is the end of patent protection for some blockbuster drugs in the coming years and the need for novel therapeutics. Offering the advantages of favorable government and business conducive environment, the Korean biosimilars market is poised for significant and rapid growth in the future years.
According to KIET, it is estimated that a majority of 32% of the total biotechnology sector in Korea is occupied by the biopharmaceuticals manufacturing, of which Biosimilars production accounts for a major part.
At present, the share of South Korea in the global pie of biosimilars development is extremely meager. However, with the aggressive government support, and the increasing focus on biosimilars development, the government aims that the country would occupy a significant share of the global market for biosimilars by 2020.
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