Japan pharma market evolves towards generics and innovative products
CPhI Japan 2015 opens as new foreign entrants and generics drive market value to US$166bn by 2023
CPhI Japan, organised by UBM EMEA, will take place at the Big Sight Exhibition Centre, Tokyo, Japan, on 22-24 April. Now in its 14th consecutive year, 2015 will see the event co-located with ICSE, BioPh, InnoPack and P-MEC in conjunction LABWorld.
The global pharma event returns to Japan – the world’s second and Asia’s number one pharma market – as the regional industry is increasingly looking to international partners for collaborations. CPhI forecasts that the next wave of Japanese growth will be driven primarily by the recent uptake of generics and the pharma economy will soar to a value of US$166bn by 2023. Collectively, this means that the Japanese pharma economy is shifting away from being a domestically dominated market, with companies now adopting a more open, internationally collaborative approach.
Within the country a dual strategy is emerging, with big pharma still maintaining the vast majority of the market through high-value, innovative drugs. This focus on big pharma has resulted in Japan’s status as the third largest producer of patented drugs. Over the next few years, Japanese companies will be responsible for some of the biggest breakthroughs in healthcare. The Government support for the industry and its reimbursement model continue to makes this a hugely attractive market for the development of new drugs.
However, this dynamic is shifting as we see an increased use of generic drugs, which will act as the key contributor for future growth and will gradually help reduce the overall healthcare cost for the country, presenting opportunities for a new type of market entrant.
CPhI Japan 2015 provides valuable insights into the country’s market rules, regulations and trends. Therefore, it plays a crucial role in facilitating new business opportunities for both domestic and international companies. 'CPhI Japan is an event that is full of potential to expand existing business, explore new markets, learn the latest trends in the industry and to learn about the business culture,' said Ashish Trivedi, Head of Oncology Project Management at Dishman Group, an Indian company benefiting from recent market changes.
The event is now the largest pharmaceuticals gathering in Japan, with an estimated 17,500+ visitors and more than 500 exhibiting companies expected, building on last year’s numbers of 17,275 and 400 respectively. Reflecting the increasing internationalisation of the market, CPhI Japan is also expanding its global presence, with 30+ countries represented in 2015.
CPhI Japan 2015 highlights include:
- Extensive programme of seminars, conferences and workshops across the 3-day event
- Mobile app showing exhibitor list, floor plan and schedule on the go
- Buyer Appointment System, enabling buyers to discover and set up meetings with new suppliers in an effective and efficient way
'Japan is the second largest pharma market in the world and remains incredibly important to the pharmaceutical industry with many new patented products being developed within the country – it’s truly a hotbed of innovation,' says Erik Heemskerk, Brand Director at CPhI. 'In the future there will also be huge opportunity regarding Japan’s lower consumption of generics when compared with the majority of major markets, which is hugely advantageous for big pharma who have capitalised on this over the last decade.'
