2014-01-09 05:49:02 - South Korea Biosimilar Market Analysis - a new market research report on companiesandmarkets.com
South Korea has recent emerged as one of the key strategic locations for companies to develop biosimilars on a global level. International companies seeking developing countries to invest in for biosimilars development have centred on South Korea as being one of the key investment centres. One the key reasons for South Korea becoming a central focus for investment in drug development is the end of patent protection in the country for some of the most important blockbuster drugs in the next few years and the need for novel therapeutics. The South Korean government has also favoured the investment sourced from multinational pharmaceutical companies in the country and by combining favourable policies with strong economic conditions, the international companies have seen
key advantages through strong investment in the country.The South Korean biosimilars market is poised for significant and rapid growth in the future years. There are many favorable steps undertaken by the government in this regard, some of them being tax holidays, tax concessions, cash grant, site location support and financial support for pharmaceutical companies investing in Korea.
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