South Korea as a country has been an economic success story and the origin of much cutting edge technology, but its pharmaceutical market can now also be given ‘Asian tiger’ status. The past four years have seen total sales growth of 15.6%, 13.5%, 12.4% and 13.8% respectively. IMS forecasts CAGR of 6.5% from 2010 through 2015, making Korea the fastest growing developed market for medicines in the world.
Pricing/Reimbursement/Parallel Trade Reports
It is estimated that 6-10% of the world’s population will suffer from a rare disease at one point in life. On this basis, the markets of Asia-Pacific should offer great potential to companies developing orphan drugs. The region’s population is 4 billion, nearly two-thirds of the global total, so even the rarest disease will have many patients seeking treatment.
No serious multinational can afford to ignore Japan, but it remains a tough and highly competitive market to crack, with the environment for developing and marketing medicines dominated by price.
The cost of treating rare disease in an age when austerity measures are hitting total healthcare funding across Europe is a highly controversial, even emotive subject.
Very little in the pricing environment in Europe is predictable to pharmaceutical companies and only rarely is much notice given of change.