Surging demand for Korean pharma in 2023 ahead of CPHI Korea

Surging demand for Korean pharma in 2023 ahead of CPHI Korea

Pharma in Korea receives a 7% increase in ‘growth potential’ category according to the CPHI Annual Survey findings

7^th August, 2023: In exciting news for the Korean pharma, the industry in Korea has seen its ‘growth potential’ increase by 7% in the 2023 CPHI Annual Survey[1]. With the highly anticipated CPHI Korea opening, scheduled to take place at COEX Hall in Seoul from 30^th August to 1^st September, market expectations are for a major pharma partnering boom as international companies invest in Korean R&D, manufacturing and supply.

CPHI Korea is widely recognized as a leading indicator of industry prospects in the region, and this year’s event is expected to attract over 7,000 executives, 81% of whom wield direct purchasing power, along with 300+ exhibitors from 15 countries. With diverse regional supply networks in high demand, the event is likely to witness a surge in pan-Asian collaborations.

According to Jenny Leung, Brand Manager at CPHI Korea, "The feedback from our attendees and exhibitors confirms the expanding regional networks across East Asia. We're witnessing closer ties between Indian and Chinese ingredients providers, while bio companies, CDMOs, and innovators are using our platform to bolster their supply networks across the region. The future looks exceptionally promising, with Korea's pharma manufacturing poised for high-growth status in the global economy."

Provisional findings from the CPHI's Annual Pharma Survey further reinforce this positive outlook, indicating a growing interest in partnering with Korean companies among international audiences. Moreover, Korea's pharma industry is also set to receive an extra boost from increased government spending, propelling innovation in the biopharmaceutical sector and clinical trials.

“CPHI continues to support our exhibitors and attendees to make the connections that count and to foster growth in Korean markets by offering our Hosted Buyer program to match you with the companies that best meet your professional needs. Additionally, our cutting-edge online platform will continue to enable exhibitors and attendees to engage in complimentary official 1:1 online business matching, further igniting growth and partnering opportunities in the region.” added Sekyoo Oh, President of Informa Markets Korea.

Pre-registration for CPHI Korea is now open and will remain free until August 23rd, after which onsite registration will be available at a nominal cost of 10,000 KRW. To register or explore online partnering and content, please visit: https://www.cphi.com/korea/en/home.html

[1] Provisional findings 7^th August with the full results announced at CPHI Barcelona 2023