Could ASEAN Become Next Priority For Korean Pharma Firms?

Challenging But There Are Opportunities

Southeast Asia has so far not been a priority market for South Korean pharma firms, largely because of challenges such as access and affordability for patients. But a Deloitte executive suggested at a recent seminar that technology-based medicines, for example using next-generation formulation technologies, could be an initial focus for Korean firms looking to enter the rapidly growing ASEAN grouping.

Yongho Yi, LSHC Insight Lead, Deloitte
Tech-based meds a Promising Initial Option for korean firms in SE Asia? • Source: KIMCo

Southeast Asia, as represented by the 10-country ASEAN (Association of Southeast Asian Nations) grouping, has a combined population of nearly 700 million and a rapidly growing combined pharma market similar in size to South Korea - but for multiple reasons the area has so far been a low priority for firms from that country now looking to globalize.

As the Korean biopharma industry faces the limitations of its domestic market, it is looking for new growth engines elsewhere....

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