All you need for successful access to the Korean Market
Industry: Health and Wellness
According to Statistic Korea, the elderly population in Korea accounted for approximately 14% of the total population in 2017. While South Korea is facing a rapidly changing elderly population, the number of patients suffering from dementia is increasing. Therefore, the demand for advanced dementia medicines/researches are creating opportunities for international Bio-Science companies.
Aging population is becoming a social challenge all over the world. Along with rapid aging, the number of patients suffering from dementia is increasing rapidly and dementia has burdened many people with huge financial costs and tragedy to dementia patient’s family. Therefore, the top priority of leading countries is to come up with solutions that can overcome dementia. South Korea is also a rapidly increasing aging population that South Korea government announced that they are going to invest about US $1billion, on dementia research, care, and infrastructure over the next 10 years.
According to the Ministry of Health and Welfare in Korea, the number of dementia patients stood over 700,000 last year accounting for 9.9% of the total elderly population. By 2050, dementia patients are estimated to be 2.3 million, which one in six elderly patients suffering from dementia. Since dementia is one of the devastating diseases that many pharmaceutical companies tried to find right medication to cure dementia; however, currently the development of new medicine for dementia is less likely to succeed and significant resources to the problem such as money, time and effort that some of pharmaceutical companies already gave up on dementia research. Given the concerns, the government plans to provide strategic support to the dementia-related R&D sector. Through Korean government efforts, they expect this will lower the prevalence of dementia and reduce the cost of health care, improve the quality of life.
In South Korea, there are 6 pharmaceutical companies (Medipost, Medifron, CHA Biotech, IlDong Pharmaceutical Co. Ltd, Daehwa Pharmaceutical Co., and Dong-A ST) are actively research on new drugs to cure the dementia. And a pharmaceutical company, Medipost has obtained a patent in the UK for its stem cell-based dementia treatment and other Korean pharmaceutical companies also actively working with other countries.
With increasing investment for dementia, South Korea’s pharmaceutical companies also expected to gain momentum. As South Korea dementia research is expected to grow, foreign dementia research and/or pharmaceutical companies with advanced technologies and experienced could consider working with South Korean companies through partnerships, equity investment, and/or joint R&D.