Why South Korea Is The Hottest Growth Spot For Clinical Trials
The population density ensures a strong availability of patients, and the Korean healthcare system provides universal coverage via clusters of technologically advanced hospitals concentrated in large cities such as Seoul, Busan, and Incheon. The hospitals are monitored continuously by the government through accreditation and evaluation programs. “With 66 hospitals per million people, South Korea ranks second among OECD (Organization of Economic Cooperation and Development) members,” says Chee. “Rapid recruitment and startup are enabled by optimized recruitment practices and the large volumes of daily patient traffic.
The capital city of Seoul is now the world’s top-ranked location for trials.
In 2016, there were 200 oncology-related trials. Between 30 and 50 trials also were conducted in the cardiovascular, endocrinologic, central nervous system (CNS), gastroenteric, and antidiabetic areas. In 2016, most top pharma companies and CROs were conducting trials in South Korea, with Quintiles, Eli Lilly, PPD, Janssen, MSD (Merck & Co.), Novartis, and PAREXEL leading the way.
A readily accessible patient population is one factor giving the country a competitive advantage. As noted earlier, there is a high population density in the country. In fact, the population density is more than 15 times the average population density in the U.S. In addition to that, the country also has an aging population. With a citizen’s life expectancy at birth of 81 years, Korea has one of the most rapidly aging societies in the world.
What may make the population even more appealing to pharma companies is the fact that disease patterns in Korea are similar to those in Western countries. Korean patients also have similar unmet medical needs as patients in Western countries. Cancer is by far the leading cause of death, followed by cardiovascular disease and cerebrovascular disease.
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