The pharmaceutical market in South Korea is undergoing rapid expansion and expected to reach more than US$ 21 billion by 2021, up from 18.6 billion USD in 2016.
Forecasters expect a compounded annual growth rate of over 7% due to the South Korean government’s increasing focus on generics as a cost-cutting measure. In 2018, South Korea’s pharmaceutical exports continue to outpace imports as exports increased from approximately US$ 400 million in 2013 to US$ 2 billion in 2019. You can read more about South Korea’s dynamic pharmaceutical industry and access Pharma14’s full database here.
