South Korea. Pharmaceutical market overview

South Korea is the fourth largest in the Asia Pacific region. The implementation of the EU-Korea Free Trade Agreement (FTA) will provide EU companies with better access to the South Korean pharmaceutical market by paving the way for elimination of tariffs on EU pharmaceutical exports to the country. The volume and value of EU pharmaceutical exports are expected to increase with the implementation of EU-Korea FTA, posing a potential threat to US pharmaceutical exporters. The EU-Korea FTA also stipulates that South Korean authorities will be required to align their practices with international standards through an improved regulatory environment. In particular, the EU-Korea FTA will aim to ensure the strengthening of transparency in drug pricing decisions.

Source: TECTURA