The South-Korean Self-Medication & Pharma market and future outlook to 2035
South Korea’s Self-Medication and Pharma market is among the world’s top markets, offering golden opportunities if you are considering expanding your business internationally.
South Korea has one of the largest OTC and pharma markets in the Asian-Pacific region and ranks 11th amongst the world’s consumer health and pharma markets. The market was valued at USD 12,9 billion in 2020 and should reach around USD 30,7 billion ex-factory in 2035, according to Chameleon Pharma Consulting Group forecasts. Increases in insurance coverage, South Korea’s aging population, and favorable government initiatives are expected to continue driving the country’s growth.
The country’s industry is highly fragmented, with almost all domestic consumer health and pharma companies having a strong portfolio of generic products rather than expensive, branded drugs. The South Korean market is tough to enter, but clearly regulated IP rights, changing demographics, and government support have contributed to making the South Korean self-medication and Rx industry attractive to multi-national companies. South Korea has been described as a ‘transitional healthcare market’, with high CAGRs expected in the combined sales of OTC and Rx medicines over the next years.
The South Korean government has signed free trade agreements with the US, Europe, and India that are aimed at improving the IPR framework in the country and making the OTC and Rx industry more attractive to foreign investment. In general, the EU-Korea Free Trade Agreement aims to strengthen transparency in drug pricing decisions, government policies, and enforcement.
Entering the intricate South Korean market may be a challenge for any OTC and pharma company, but Chameleon Pharma Consulting Group has years of expertise to support you in entering this market!
South Korea OTC and pharma market in 2035
USD 30,7 Billion
OTC and pharma market size, ex-factory
OTC and pharma market growth
South Korea in numbers
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