A market overview in East Asia Pharma
This article will look at explaining why clinical trials have increased within South Korea over the last few years. Over the last few years, South Korea has become one of the fastest growing countries for clinical trials. It was reported that the number of clinical trials research conducted within the United States declined, however, South Korea, on the other hand, had increased.
Over the past few years, South Korea has demonstrated impressive growth and is expected to show the highest growth rate as compared to other regions in the world. South Korean officials announced that there were 52 South Korean drugs which had been approved for phase 3 trials. This is an increase of around 26% from 2014.
One reason as to why clinical trials have increased in South Korea is due to the medical infrastructure which has been improving largely. This has allowed for a world class medical training, a highly educated, wealthy and healthy population.
The South Korean government have also played a vital role in supporting clinical development which has led to an increase in opportunities for drug development companies.
Another reason as to why clinical trials have increased in South Korea is cost. South Korea offers a lower cost for clinical trials to be conducted as opposed to the western countries. It was estimated that China and India are 25% to 40% cheaper than that of western countries.
It has been reported that South Korea will maintain its position as the leading destination for clinical trials in the Asia Pacific region. This is because of its excellent infrastructure and the resources available to them.
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