Release Date: 18-Aug-2014
The emerging pharmaceutical markets of Asia, Latin America and Eastern Europe offer significant market opportunities for development and commercialization of biosimilars. Korea is one the leading market for biosimilar products and is expected to dominate the global pie with a significant share of 22% by 2020. South Korea like its counterparts in the Asian region is characterized by a growing middle classes and increasing healthcare expenditures. Additionally, the country is typically a generic-driven pharmaceuticals market, which provides a favorable medical and commercial environment for biosimilars.
South Korea’s growing biosimilars environment includes 11 biosimilars development companies and 13 Investigational New Drugs (IND) approvals as of 2012. Approval of Remsima is a strong indicator of the potential strength of the biosimilars market in South Korea. Corporate and government initiatives offer further evidence.
The Korean biosimilars market was valued at approximately USD 68 million in 2012. Owing to factors like growing ageing population, strong and favorable regulatory environment, the expected expiration of many blockbuster drugs and many more, the biosimilars industry revenues are expected to grow at a CAGR of close to 15% and to reach approximately USD 150 million by 2018.
“South Korea Biosimilars Market Analysis” Report Highlight:
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