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South Korea biosimilar market: Government policies aiding industry growth

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PR-Inside.com: 2014-04-23 11:35:03
South Korea has emerged as one of the strategic location for the development of biosimilars on the global level. Among the various emerging countries identified for development of biosimilars, South Korea is one of the most promising countries where pharmaceutical companies have identified huge investment potentials for the drug development process. One of the major reasons for the attractiveness of South Korea is the end of patent protection for some blockbuster drugs in the coming years and the need for novel therapeutics.Offering the advantages of favorable government and business conducive environment, 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.Thus, with all the government policies and frameworks, the biosimilars market in South Korea has become the growth engine of the country attracting huge investments from public and private companies located in and outside Korea. The South Korean Government has announced its plans to promote the biosimilars industry and make huge investments in the industry so as to make Korea a dominant player in the global marketplace.At present, the share of South Korea in the global biosimilars development is extremely meager. However, with the aggressive government support, and the increasing focus on biosimilars development, the government aims that the country would occupy a significant share of the global market for biosimilars by 2020.

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