Southeast Asia, as represented by the 10-country ASEAN (Association of Southeast Asian Nations) grouping, has a combined population of nearly 700 million and a rapidly growing combined pharma market similar in size to South Korea - but for multiple reasons the area has so far been a low priority for firms from that country now looking to globalize.
Could ASEAN Become Next Priority For Korean Pharma Firms?
Challenging But There Are Opportunities
Southeast Asia has so far not been a priority market for South Korean pharma firms, largely because of challenges such as access and affordability for patients. But a Deloitte executive suggested at a recent seminar that technology-based medicines, for example using next-generation formulation technologies, could be an initial focus for Korean firms looking to enter the rapidly growing ASEAN grouping.
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