A fast emerging economy, South Korea has successfully made footprints across almost all industrial sectors. Pharmaceuticals and chemicals are no exception. Both the industries have been growing at a pace registering double digits through the last few years.
Estimated to touch $10 billion soon, the South Korean pharmaceutical industry is basically generic-driven one. However, keeping in pace with many other emerging pharmaceutical sectors in Asia, the Korean companies have been attempting to move into the area of innovative R&D, encouraged by government support.
The country currently has around 80 local pharmaceutical companies and 86 research laboratories. R&D spending as a proportion of sales is between 4% and 6% and R&D personnel represent nearly 12% of the total workforce.
Domestic companies are involved in more than hundred research projects, with most of these falling into the cancer, anti-infectives, metabolic diseases and immunology categories. The Korea Drug Research Association - established in 1986 to aid development of its domestic pharmaceutical industry - believes that its domestic industry is becoming more innovative and that the initial technical problems associated with drug development are being overcome.
According to the KDRA, since the launch of SK Chemical's Sunpla -- a third generation platinum complex anticancer drug -- in 1999, nearly a dozen new locally researched drugs have been launched on the domestic market following approval from the Korea Food and Drug Administration (KFDA). It also says scores of such projects are at various stages of clinical development, with several others 47 at the preclinical stage.
Considered to be possessing a superior edge in terms of chemical synthesizing technologies, the South Korean pharmaceutical industry has found partnering to be an ideal way to become more involved in R&D. ``Whilst it has been described as being competitive with its counterparts in the major industrialised countries, it is considered less competitive in drug screening, safety evaluation, clinical development and marketing. When surveyed, 97% of local companies viewed partnerships with global organisations as being of benefit to their commercial objectives," says an industry expert specializing Korean pharma.
The fine & specialty chemicals industry has also made considerable strides attracting a lot of interest from outside in line with pharmaceutical industry.
A unique event for the fine and specialty chemical industry in Korea, XpoChem will be held at the aT Center in Seoul, Korea, from 9 to 10 November 2006. Launched in 2004, with 74 companies from 9 countries and regions, XpoChem 2005 doubled in size compared to the first show, increasing its number of exhibitors to 148 companies from 13 countries and regions. Over 60% of the exhibitors were foreign companies, showing how much interest foreign companies have in the Korean market, according to official figures.
Concurrently, XpoPharm 2006, - the specialized pharmaceutical exhibition will be held at the same venue. Due to solid support from the government and the participation of leading local and overseas pharmaceutical companies, the first XpoPharm was widely acclaimed to have been a prime opportunity to network and do business in Korea. The third edition of XpoPharm is set for significant expansion due to the comprehensive promotional activity being undertaken by the organisers, including extensive advertising in the media and direct promotion of XpoPharm by meeting potential exhibitors face to face at related fairs.
Both the events are expected to be participated by a professions from a wide range of segments including: active pharmaceutical ingredients (APIs), alkaloids, amino acids, analytical services, antibiotics, biotechnology, bulk pharmaceuticals, capsules / encapsulation, chiral drug, consulting services, custom synthesis / contract
Manufacturing, diagnostic reagents, drug delivery systems, drug formulation, enzymes, Equipments, excipients, hormones and synthetic substances, laboratories, natural products, outsourcing, peptides, pharmaceutical intermediates, publications & services, quasi drugs, synthetic organic chemistry and so on.
Alongside the fair, a professional fine and specialty chemical and pharmaceutical conference, XpoChem / XpoPharm Conference 2006, is set to provide significant insights into new technology and the trends of this industry through informative lectures.
The annual fair is organized by Korea Pharmaceutical Traders Association (KPTA) and CMP Media Korea Co Ltd. South Korean Ministry of Health & Welfare, Korea Food & Drug Administration, China Chamber of Commerce of Medicines & Health Products Importers & Exporters (CCCMHPIE) are the sponsors.