The global pet care market is foretold to improve in the forthcoming years as matched to the preceding years and will showcase better sales in various market segments. It is estimated that the global pet care market will grow at a CAGR o…
BMI View: Policies in support of the local pharmaceutical sector in South Korea will be forthcoming. The
sector has the potential to serve as an alternative to electronic exports in driving economic growth, which
has been facing headwinds. Government support at this juncture will also play a critical role as local firms
expand internationally and maintain South Korea's competitiveness vis-à-vis other biomedical hubs such as
Singapore, Taiwan and Japan.
Headline Expenditure Projections
Pharmaceuticals: KRW17,117.1bn (USD15.1bn) in 2015 to KRW17,666.6bn (USD14.7bn) in 2016;
+3.2% in local currency terms and -2.7% in US dollar terms. Forecast broadly unchanged from previous
Healthcare: KRW116,599.4bn (USD103.1bn) in 2015 to KRW124,224.3bn (USD103.5bn) in 2016; +6.5%
in local currency terms and 0.4% in US dollar terms. Forecast upgraded from previous quarter.