CPHI Korea sees 25% growth as domestic pharma economy forecast to become 7th globally by 2020
Government initiatives driving biosimilars and health foods sectors, with increased international partnerships.
CPHI Korea — hosted by UBM EMEA and co-organised with the UBM Korea Corporation and Korean Pharmaceutical Traders Association (KPTA) — is set to return to Seoul 23–25 August 2016 for its third year in a row. The trade show is experiencing a huge surge in interest; with over 5000 pharma professionals (up 25% from last year) from 50 different countries envisaged to converge at the COEX centre during the 3-day event.
The key factors behind the diversification of pharmaceutical opportunities in the country are the rapid expansion of the biosimilar sector and a continued modernisation across its industry. Investments into the sector’s development by big players such as Celltrion, along with the Government’s capital and regulatory assistance, are predicted to facilitate the biosimilar market’s growth to $1.2 billion by 2019, with a global market share of 22% by 2020.
CPHI Korea is designed to harness this potential and will once again co-locate with ICSE, P-MEC and BioPh, along with the inaugural Health Ingredients (Hi) Korea. The introduction of nutraceuticals, functional food, beverages, and dietary supplements — a sector that grew 11.5% last year to reach $1.7 billion — will enhance the already-diverse range of suppliers on offer at CPHI Korea.
Moreover, large companies are investing, with R&D expenditure rising by 19% and exports by 32.6% in the last year. In fact, the overall pharma market is expected to exceed $24.3 billion by 2020.
CPHI Korea provides a dynamic meeting place for a wide range of industry suppliers to engage with purchasers and decision makers from the pharmaceutical industry, with highlights in 2016 including:
Remarkably, the exhibitor base will grow nearly 10% in 2016 to 150, in response to last year’s stellar event, at which attendee numbers grew by 97%. In addition, thanks to the internationalisation of Korean pharma, overseas buyer attendees have also increased by 42%.
Beyond the exhibition, a high-content conference expands on the theme of internationalisation, key sessions include: ‘The Latest Information on Japan Pharmacopoeia and Master Files’; ‘The success strategy to enter EU market with some cases of most frequent mistakes for (Korean) pharmaceutical companies with respect to API’s used’; ‘Generic Medicines: Registration and Pricing Policies in Europe’; and ‘Pharmaceutical Market in China’.
“At CPHI Korea, we could effectively promote our finished products to the Korean market. We had hundreds of meetings and signed lots of contracts, so we’ll 100% participate next year again,” said Mr Romanenko Sergey, Manager on foreign economic affairs at Sibpribor
The event has been undertaken with the help of sponsors: MFDS (Ministry of Food and Drug Safety), Chungbuk Technopark, KBIZ (Korea Federation of Small and Medium Business), KOBIA (Korea Biomedicine Industry Association), KDRA (Korea Drug Research Association) and KIT (Korea Institute of Technology).
Rutger Oudejans, Brand Director Pharma at UBM EMEA commented: “Korea has been one of the fastest developing and growing events in the CPHI portfolio; in just 3 years, it has grown to have executives and buyers attend from all over the world, with 5000 attendees and 180 exhibitors expected in 2016. CPHI plays an integral role in furthering the Korean pharma economy and we continue to develop the platform alongside the industry, with a health ingredients zone added this year. The event also provides a huge content platform to help both attendees and exhibitors make better-informed decisions and see the full scope of potential in the region.”
Related News
-
News Pharmapack Awards 2024 Patient-Centric Design Award Winner – Dr Ferrer BioPharma
The 2024 Pharmapack Awards celebrated the best in innovation and design for the pharmaceutical packaging and drug delivery industry on January 24, 2024. -
News Women in Pharma: Minding the Gap at Pharmapack 2024
2024 marks the first year Pharmapack will host a Diversity track dedicated to bridging the gap within the pharmaceutical packaging and drug delivery sector. The track includes a panel discussion on 'Enabling Diversity in the Workplace,' focused... -
News Pharmapack Awards 2024 - Celebrating Packaging and Drug Delivery Innovation
The 2024 Pharmapack Innovation Awards ceremony celebrated the best in pharmaceutical packaging and drug delivery innovation at all levels. The awards were held on January 24, 2024 at the Paris Expo Porte de Versailles. -
News Pharmapack 2024 - From the Floor
Paris once again welcomes Europe’s leading trade show in pharmaceutical packaging and drug delivery innovation. Join our content team as Pharmapack 2024 opens its doors to leading experts and innovators in pharmaceutical packaging and drug delive... -
News CPHI Barcelona 2023: Partnering for Success – Managing Outsourcing Relationships to Optimise Manufacturing Operations
During CPHI Barcelona 2023, insightful content sessions offered attendees the chance to explore trending topics with expert speakers and panellists. Here, we summarise what the pharma industry and supply chain are talking about the most. -
News CPHI Barcelona 2023: Loading Potential – Artificial Intelligence for Pharma Manufacturing
During CPHI Barcelona 2023, insightful content sessions offered attendees the chance to explore trending topics with expert speakers and panellists. Here, we summarise what the pharma industry and supply chain are talking about the most. -
News Pharmaceutical industry supports COP28 health stance in joint statement
As COP28 takes place over this week in Dubai, UAE, several bodies in the pharmaceutical and health industries have come together to announce support of key movements in sustainability in the sector, and to recognise sustainability as a health issue.&nb... -
News CPHI Podcast Series: Start-ups take centre stage at CPHI Barcelona
The first episode of the CPHI Podcast Series since we attended CPHI Barcelona in October covers the Start-up market at the event, with expert Matthew Wise joining Editor Lucy Chard to discuss the event.
Position your company at the heart of the global Pharma industry with a CPHI Online membership
-
Your products and solutions visible to thousands of visitors within the largest Pharma marketplace
-
Generate high-quality, engaged leads for your business, all year round
-
Promote your business as the industry’s thought-leader by hosting your reports, brochures and videos within your profile
-
Your company’s profile boosted at all participating CPHI events
-
An easy-to-use platform with a detailed dashboard showing your leads and performance