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Review of the Healthcare System and Medical Device Market in South Korea – report

  • December 2015
  • 25 pages
  • TforG
Report ID: 3456214

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This TforG Healthcare Market review report for South Korea includes numerical and written analysis on the socioeconomic and macroeconomic context and outlook, the healthcare system, and the latest healthcare reforms. Moreover, an extensive chapter is dedicated to the markets for capital equipment, medical devices, disposables and pharmaceuticals.

The report helps businesses gain a unique insight into the socio-economic dynamics, and helps analyze how they affect healthcare systems and their evolution. It can serve as a valuable tool with actionable guidance for sales, marketing, R&D and business managers with industry related interests.

Four chapters cover the numerical and written analysis for the following topics: Economic Outlook (38 Key industry indicators), The Healthcare System (HC system structures), Reforms (restructuring, re-engineering or austerity efforts) and the Healthcare Market (Capital Equipment, Medical Devices, Disposables and Pharmaceuticals).

Economic Outlook:
- South Korea's economy currently ranks 15th in the world with a nominal GDP of € 984 bn.
- Its purchasing power parity (PPP) of € 45.958 ranks 12th in the world.
- In the first quarter of 2014, South Korea's inflation rate was 2.3 percent and we expect it to remain this way through 2015.
- The unemployment rate is currently 3.5 percent and it is expected to have a slight decrease in 2015.
- In 2013, South Korea also enjoyed a budget surplus of about 0.5 percent of the GDP.

The Healthcare System:
- South Korea has a universal national healthcare system operated by both the Health Insurance Review and Assessment Service (HIRA) and the National Health Insurance Service (NHIS).
- The NHI system covers over 97 percent of citizens, who pay a premium and have the right to access any
physician or medical institution.
- The remaining 3 percent of the population is covered by a Medical Aid Program for the poor.

Reforms:
- The restructuring of the pre-market approval process.
- The use of foreign clinical data as a validation source.
- The inclusion and reclassification of "in-vitro diagnostic products" in the "medical devices category".
- The introduction of a new certification system for the "Korea Good Manufacturing Practice (KGMP)".

The Markets:
- Some of the key forces shaping the South Korean healthcare market include the aging population, the recent changes in trade policies and the regulatory environment.
- There is a trend towards the increased use of digital medical equipment in South Korea, which presents good opportunities for new entrants in the global industry.
- The disposable goods sector in South Korea is a multi-million euro industry.
- Certain factors (i.e. improved intellectual property rights, changing demographics and government support) have made the South Korean pharmaceutical industry attractive for international companies.

Reasons to buy:
– Accurate analysis of trends, opportunities and challenges of the economy and healthcare industry
– Relevant healthcare reforms
– Written and numerical analysis on important healthcare indicators (eg.: acute care data, critical care data, anesthesia data, emergency data, healthcare professionals)
– Regularly updates, at least once year
– Every update published by TforG within 6 months after your purchase will be made available to you
– Global coverage, available for + 40 countries
– Unique insight into the socio-economic dynamics, and analysis of their effect on healthcare systems

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