South Korea’s pharmaceutical market to benefit rising clinical trial activity

The sector is projected to reach $40.6b in 2028.

South Korea’s pharmaceutical market is projected to reach $40.6b in 2028 at a compound annual growth rate of 10% in US dollar terms. Its expansion is driven by a rise in clinical trial activity, which is expected to facilitate market access for innovative medicines.

BMI said that a key growth driver is the country’s large pensionable population, which correlates with higher demand for chronic disease treatments.

“South Korea is increasingly being recognised by drugmakers for its capacity to conduct multi-regional clinical trials, supported by experienced investigators, well-established infrastructure and a stringent regulatory framework prioritising patient safety,” it added.

The country’s significant burden of cancer further enhances the investment appeal, with oncology research accounting for 69% of major clinical studies in 2023.

According to the South Korea Research-Based Pharmaceutical Industry Association’s ‘2024 Survey Report on R&D Expenditure and Research Personnel’, global pharmaceutical companies invested $620m in clinical research in South Korea in 2023.

The report also highlighted a 7.7% rise in the number of clinical trials conducted, reaching 1,723 in the same period.