Amsterdam, 19th September 2019: The recently-closed CPhI Korea – co-organised by Informa Markets and the Korea Pharmaceutical Traders Association (KPTA) – has seen a surge in growth across domestic and international pharma companies, as well as a sizable rise in overall attendees. As reported earlier this year in the provisional findings of the CPhI Pharma Index, Korea has seen a rapid growth in its international reputation (seeing its ‘overall competitiveness’ rise 14% in the last two years), which is now translating into a sizable growth in the market and at the event.
Emphasizing the increased excitement seen in the Korean market, domestic exhibitors rose by 43% in 2019, with overseas exhibitors also rising by a remarkable 38%. Overall, CPhI Korea saw a 20% increase in attendees, with 6,111 executives attending from over 66 countries. In total, some 266 companies exhibited, 150 of which were international. The event was also used as a platform to announce several international partnerships, with international bodies exploring EDQM and CEP procedures through to GMP compliance and comparisons between national regulatory bodies.
In another significant move,a joint Memorandum of Understanding was signed between the Chilean Pharmaceutical Manufacturers Association (PROLMED) and the Korean Pharmaceutical Traders Association (KPTA). The Memorandum will see the exchange of information to facilitate increased import and export between the two countries, as well as collaboration on marketing and market analysis. This will include practical sessions between suppliers in each country via seminars, conferences, consultations, and association promotion. CPhI Korea is also seeing industry-academic partnerships coalesce, with a new partnership from Bio Healthcare i-CON designed to enhance SME’s technological capabilities.
“The interesting thing about the Korean market is that whilst exports have become increasingly attractive – which is helping pharma companies increase volumes – the event has also become of great interest to international companies planning to launch new products into the region. This is in addition to international ingredients suppliers helping to support the expanding finished dose industry.” commented Laura Murina, Brand Manager at Informa.
Beyond pharmaceuticals, functional ingredients and health products within Korea are also seeing tremendous growth rates, with this part of the event (Hi) expanding by 57% in the last year. An increasingly health-conscious consumer population is driving the growth in the market. Consequently, the event is seeing an influx of overseas ingredients and extracts coming to Korea to help underpin this burgeoning new product class.
CPhI Korea 2020 will take place in Hall C at the KOEX Centre in Seoul between the 26th and 28th August, and will be co-located alongside ICSE (contact service), P-MEC (pharmaceutical machinery & lab equipment), BioLIVE (biopharmaceuticals) and Hi (health ingredients).
