Release Date: 22-Jul-2013
The South Korean biosimilars industry is increasingly witnessing significant activities from the domestic companies. The Korean conglomerates such as Hanwha Group and Samsung Group are starting to develop biosimilars, which are closely-copied versions of original biopharmaceutical products. These products are expected to grow into a large and lucrative market in the years to come and it is most likely that the domestic companies would make their mark in this arena.
Hanwha, one of the top domestic biotechnology companies in Korea entered the biosimilar industry in 2007 and in 2012 signed a partnership with MSD, the Korean branch of U.S. pharmaceutical company Merck to jointly produce and commercialize HD203, a biosimilar form of the arthritis drug Etanercept. This has led to strong competition between Hanwha and Celtrion, which in future is expected to be beneficial to all stakeholders.
Competition has also increased in the Korean biosimilars market owing to the enhancement of patent rights for original drugs leading drug makers to focus on the development of new biopharmaceutical products.
The South Korean pharmaceuticals and biosimilars industry is considered to be unique on account of the remarkable government initiative and the government’s involvement in the entire lifecycle of biosimilars.
The South Korean government has announced its plans to invest significant amounts for the development of the biosimilars industry so as to make the region occupy 22% in the global pie by 2020. The government also has plans to create a robust platform to provide infrastructure and financial assistance. With the Introduction of the “Biosimilar Regulatory Pathway” in 2009, the local industry received a major boost. Various ministries are involved in providing assistance and support.
For more information visit: “South Korea Biosimilar Market Opportunity Analysis”