Pharmaceutical industry in South Korea is one of the emerging hotspots in Asian region. Currently valued at US $ 8 billion, the domestic pharma sector has been registering a double digit growth over the years. With the introduction of product patent system in 1987, multinational companies have taken a firm foothold and continued to expand their presence in Korea's domestic pharmaceutical market.
Korea's efforts to provide medicines at affordable costs have led the industry to innovation. The country developed pharmaceutical bulks via the development of its own synthesis methods, making it possible to ensure the substitution of pharmaceutical raw materials, nearly three and a half decades ago.
Although Korea's new drug R&D projects were belatedly initiated, domestic pharmaceutical firms have spared no efforts to expedite their R&D studies towards the development of new drugs for the last 15 years. Korea launched a new drug for the first time in Korea in 1999. Till the year 2002, a total of eight new drugs were approved by the Korea Food and Drug Administration (KFDA). Now, Korea is consolidating and expanding its infrastructure for the development of new drugs.
More recently, domestic pharmaceutical firms have been concentrating utmost efforts to utilize their own R&D capabilities, while bracing for closer outsourcing with domestic academia, private organizations and foreign research institutions in global partnerships in order to strengthen their R&D capabilities and international competitiveness. A survey of leading domestic pharmaceutical firms conducted by KDRA on July 2002 showed that 97% of the surveyed firms are keenly aware of the necessity of outsourcing and global partnership with outer research institutions for their acquisition of novel technologies and better competition in the market.
Together with the pharma industry, the fine & specialty chemicals industry in Korea has also witnessed enormous growth in the recent years. These rapidly expanding markets present a vast opportunity for transnational companies.
As these industries are poised to grow opening new avenues for the global firms, XpoChem achieves tremendous significance. This high profile event for the fine and specialty chemical industry organized annually by the Korea Specialty Chemicals Association, Korea Pharmaceutical Traders Association, CMP Media Co Ltd with strong support from government and industry acts as a major gateway to enter into the hugely potential and yet intriguingly complex marketplace of South Korea.
This year's show -XpoChem 2005- is scheduled to be held at aT Center, Seoul on 1-2 September.
Concurrently, XpoPharm 2005 and Conference Sessions would also be taken place at the same venue. XpoPharm 2005 is designed to provide exhibitors with a definitive opportunity to meet high quality buyers who are looking for up-to-date products, information, technologies, resources, and new partners in Korea.
XpoPharm Conference 2005 will feature high-level seminars with prestigious speakers from around the world in total 11 sessions in 3 sections.
Visitors' profile include: APIs, alkaloids, amino acids, analytical services, antibiotics, biotechnology, bulk pharmaceuticals, capsules/encapsulation, chiral drug, enzymes, excipients, hormones and synthetic substances, laboratories, natural products, outsourcing etc.
The first edition of the show conducted last year attracted 74 exhibitors from 9 countries and regions, official figures suggest.
Like last year, XpoChem 2005 too will feature international pavilions from China and India as well as an additional vilion from UK.