Seoul, South Korea (BUSINESS WIRE) - South Korea, is seen to be the leaders in the global healthcare market, as growth opportunities are seen to increase in 2008.
Yangwon Joo, Consultant of Healthcare Asia Pacific at Frost and Sullivan shared her predictions for the year ahead across key healthcare markets over an exclusive web briefing that was held on the 26th of June 2008.
Over the last 6 years, the total healthcare market size has been growing in demand. With the ageing society increasing, the total healthcare expenditure therefore increases showing growth in both quantity and quality.
During the web briefing that was held, topics that were of most interest to the audience attended were the detailed analysis of individual healthcare segments, analysis on the healthcare sector in Korea, drivers and challenges in 2008 and an overall industry outlook of the South Korean region.
It was mentioned by Yangwon during the briefing that "It is expected that South Korea will see a definite rise in the healthcare market in 2008, with its Healthcare market expecting to grow with CAGR ranged from 12 to 15 percent until 2012. This is, however, through increasing healthcare manufacturing, Healthcare Information Systems and healthcare customer (patient) services. With this, the market will be growing continuously with its quality," she said.
"South Korea, is now moving towards a shift in getting out of the traditional manufacturing, pharmaceutical and medical device companies, whereby plans to apply new technology to invest more in innovative products, and in the generics segments are of utmost importance" Yangwon said.
The innovative pharmaceutical industry is now following a global pharmaceutical trend whereby, the clinical research is outsourced for greater efficiency and enhanced quality outcomes.
With all these major shifts in trends, there are major drivers and challenges. With the increasing demand in a growing ageing population (silver industry), results to demand for high technology. Therefore with these challenges, the government would need to support the healthcare industry through technology based manufacturing and service in healthcare with increased investment.
The globalizing healthcare market with FTA will also drive manufacturers to increase its quantity and quality. Hence, allowing patients to have more choice in terms of high end services.
Yangwon noted that even with these demands, the medical devices sector is still heavily dependent on imported medical devices due to the incapability and insufficient R&D investments by the local manufacturers. This is mainly due to the Government's restrictions on U-healthcare. With the current regulations, medical services by physicians out of the hospital are not allowed. Also, there are always the opposite voices from civil advocacy groups. These groups are against increase in high-end trends in the healthcare industry as it will create a bigger gap in the various income groups when it comes to cost and reimbursements.
In order for the healthcare industry to compete, their R&D matters would need to be emphasized. To compete with imported products in the domestic market and to make more exports, more investments in R&D is required in both pharmaceutical and medical device industry.
She added that U-healthcare will grow tremendously as internet is now a great influence on our day to day living.
Hence a need for more partnerships with ICT companies will be needed. Also, customer (patients) will come to have a louder voice, by having collaborations with civil society and activities in the online community. A more delicate patient service will then be required.
Finally, Yangwon stated 2008 will be marked by a shift towards globalization. If necessary, the strategic alliances or partnerships with local companies will make the industry more competitive. There are strengthening capabilities for medical tourism, hence Korea can be seen as the hub within the Asian region with its advanced technology.
About Frost & SullivanFrost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's TEAM Research, Growth Consulting and Growth Team Membership empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents. For more information about Frost & Sullivan's Growth Partnerships, visit http://www.frost.com.
Frost & SullivanCorporate Communications- Healthcare, Asia Pacific:Jasminder Kaur, +65 6890 0937 Mobile: +65 9062 7051
jkaur@frost.com or Shereen Gill, +603 6204 5909 Mobile: +6017 617 8300 shereen.gill@frost.com
Yangwon Joo, Consultant of Healthcare Asia Pacific at Frost and Sullivan shared her predictions for the year ahead across key healthcare markets over an exclusive web briefing that was held on the 26th of June 2008.
Over the last 6 years, the total healthcare market size has been growing in demand. With the ageing society increasing, the total healthcare expenditure therefore increases showing growth in both quantity and quality.
During the web briefing that was held, topics that were of most interest to the audience attended were the detailed analysis of individual healthcare segments, analysis on the healthcare sector in Korea, drivers and challenges in 2008 and an overall industry outlook of the South Korean region.
It was mentioned by Yangwon during the briefing that "It is expected that South Korea will see a definite rise in the healthcare market in 2008, with its Healthcare market expecting to grow with CAGR ranged from 12 to 15 percent until 2012. This is, however, through increasing healthcare manufacturing, Healthcare Information Systems and healthcare customer (patient) services. With this, the market will be growing continuously with its quality," she said.
"South Korea, is now moving towards a shift in getting out of the traditional manufacturing, pharmaceutical and medical device companies, whereby plans to apply new technology to invest more in innovative products, and in the generics segments are of utmost importance" Yangwon said.
The innovative pharmaceutical industry is now following a global pharmaceutical trend whereby, the clinical research is outsourced for greater efficiency and enhanced quality outcomes.
With all these major shifts in trends, there are major drivers and challenges. With the increasing demand in a growing ageing population (silver industry), results to demand for high technology. Therefore with these challenges, the government would need to support the healthcare industry through technology based manufacturing and service in healthcare with increased investment.
The globalizing healthcare market with FTA will also drive manufacturers to increase its quantity and quality. Hence, allowing patients to have more choice in terms of high end services.
Yangwon noted that even with these demands, the medical devices sector is still heavily dependent on imported medical devices due to the incapability and insufficient R&D investments by the local manufacturers. This is mainly due to the Government's restrictions on U-healthcare. With the current regulations, medical services by physicians out of the hospital are not allowed. Also, there are always the opposite voices from civil advocacy groups. These groups are against increase in high-end trends in the healthcare industry as it will create a bigger gap in the various income groups when it comes to cost and reimbursements.
In order for the healthcare industry to compete, their R&D matters would need to be emphasized. To compete with imported products in the domestic market and to make more exports, more investments in R&D is required in both pharmaceutical and medical device industry.
She added that U-healthcare will grow tremendously as internet is now a great influence on our day to day living.
Hence a need for more partnerships with ICT companies will be needed. Also, customer (patients) will come to have a louder voice, by having collaborations with civil society and activities in the online community. A more delicate patient service will then be required.
Finally, Yangwon stated 2008 will be marked by a shift towards globalization. If necessary, the strategic alliances or partnerships with local companies will make the industry more competitive. There are strengthening capabilities for medical tourism, hence Korea can be seen as the hub within the Asian region with its advanced technology.
About Frost & SullivanFrost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's TEAM Research, Growth Consulting and Growth Team Membership empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents. For more information about Frost & Sullivan's Growth Partnerships, visit http://www.frost.com.
Frost & SullivanCorporate Communications- Healthcare, Asia Pacific:Jasminder Kaur, +65 6890 0937 Mobile: +65 9062 7051
jkaur@frost.com or Shereen Gill, +603 6204 5909 Mobile: +6017 617 8300 shereen.gill@frost.com
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