By 2025, according to Citigroup estimates, the South Korean market for biosimilars will reach $18 billion, with companies investing $110 billion in their development. South Korea aims to build this market to order to elevate its status as a global pharmaceutical supplier, increase its pharmaceutical exports to $20.5 billion and have 3 of the top 50 pharmaceutical companies. The government is investing KRW 340 billion ($304 million) annually in biosimilars development. One of South Korea’s pharmaceutical companies, Celltrion, developed a biosimilar version of the third-highest selling drug last year—Johnson and Johnson’s Remicade—called Remsima or Inflectra, which sells in 40 countries. Samsung Bioepis, another of the country’s drug companies, has a biosimilar of Remicade waiting for regulatory approval in Europe. South Korean drug firms have developed marketing partnerships with other companies in the industry to help augment their positions in the market.
Source: Financial Times