Industry Trend Analysis - Greater Investments Into R&D To Spur Introduction Of Innovative Treatments - MAR 2018
BMI View: South Korea's biomedical research and development sector will continue to flourish in line with growing investments by local drugmakers. Facilitating this commitment is the strong support provided by the government as well as the opportunities to form research partnerships with leading US-based pharmaceutical companies. As the sector develops, the broader economy will benefit and serve to support South Korea's pharmaceutical market growth.
The South Korean government will continue to be a central actor supporting the medical research industry. In addition to boasting a robust regulatory environment and an advanced medical infrastructure, the country's government remains committed to the strengthening of the domestic pharmaceutical and healthcare system, with a view to bringing more novel drugs to the market to meet the needs of the country's ageing population. To this end, the South Korean government has rolled out several measures to develop the nation as a global biotech and medical industry hub by 2020. The comprehensive plan encompasses the following:
Higher tax benefits and incentives for clinical trials of indigenous drugs and investment in research and development (R&D) facilities
Greater Emphasis Placed In R&D (LHS): R&D Investment As A Percentage Of GDP, 2015; (RHS): Researchers Per Thousand People In Employment, 2013 Source: OECD, Workforce UNESCO, BMI
This article is part of our Asia coverage. To access this article subscribe now or sign up for free trial