QuintilesIMS Delivers Integrated Information and Technology Solutions to Drive Healthcare Forward
Around the world healthcare stakeholders are working to improve real-world patient outcomes through treatment innovations, care provision and access to healthcare. For the information, technology and service solutions they need to drive new insights and approaches, they count on QuintilesIMS. With a global team of 50,000, we harness insights, commercial and scientific depth, and executional expertise to empower clients to achieve some of their most important goals: Improving clinical, scientific and commercial results. Realizing the full potential of innovations. And, ultimately, driving healthcare forward.
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Driving Healthcare Performance in South Korea
Established in Seoul in 1980, IMS Health South Korea has one of the most comprehensive portfolio offerings in the region, with solutions for the pharmaceutical industry including sell-in and prescription data.
South Korea, previously considered a pharmerging market by IMS Health experts, was reclassified as a developed market in 2010 and ranked 14th in the world pharmaceutical market in May 2014. Both Western and Asian medicine is offered at over 80,000 healthcare centers throughout the country, and the market is highly fragmented, with some 300 pharmaceutical companies and approximately 1,800 wholesalers. In 2013, the total pharmaceutical market for South Korea reached USD$12.5 billion. According to the IMS Health Market Prognosis 2014, the Korean pharmaceutical market is forecasted to grow at a compound annual rate (CAGR) of 3.3% between 2013 and 2018, reaching $14.1 billion by 2018.
With South Korea’s rapidly aging population, healthcare spending for the elderly will increase. This, coupled with plans to introduce full medical coverage for four major chronic disease areas - cancer, cardiovascular, cerebrovascular and rare diseases - as part of expansion of National Health Insurance (NHI) coverage, is expected to drive growth in the next five years.
Demographic factors will have an impact on sales opportunities as population growth stagnates and companies will face greater sales challenges as new regulatory measures take effect. In Korea, Health Insurance Review and Assessment Service (HIRA) and National Health Insurance Service (NHIS) play key roles in setting up reimbursement guidelines, sophisticated monitoring activities and pricing policy for medicines. Implementation of the new actual transaction pricing / total prescription cost incentives system, under which healthcare providers will be given incentives to reduce total prescription costs, will encourage not only lower purchase prices but also the use of low-cost drugs and reductions in the volume of use, resulting in discount-based price cuts every year. Furthermore, reforms to the price-volume agreement system that will place greater stress on sales value and effectively target best-selling drugs, are scheduled to come into effect in January 2015.
IMS Health pays careful attention to the challenges and opportunities arising from rapid development and change under such a complex pharma industry situation. IMS Health enables clients to create more effective ways of developing innovative ideas based on precise diagnoses of current situations and issues, as well as learning from other advanced markets.
To be the best partner for smarter healthcare in today’s highly competitive and complex environment, IMS Health South Korea will continue to help clients gain greater clarity and stay one step ahead of the competition with valuable insights gained from our cutting-edge information, technology and services.
In today's highly competitive and complex environment, contact your IMS Health South Korea representative to gain greater clarity and stay one step ahead of the competition with the valuable insights gained from IMS Health offerings.