New Tax Incentives. The South Korean government recently implemented policies offering new tax breaks to promote more innovation, particularly in the country’s healthcare industry. The new tax provisions, such as those attached to R&D costs, as well as several other key factors, including Korea’s strong IT infrastructure and streamlined regulatory process, have contributed to a favorable clinical research environment.
R&D Funding. In addition to new tax laws, the South Korean government has set up a research and development fund to help boost innovation in the bio pharmaceutical industry. Due to the surge of clinical research in the country, however, clinical investigators and trained study coordinators are in high demand. In an effort to counterbalance this, the government is promoting pharmaceutical mergers and acquisitions, and providing training for clinical research staff.
Free Trade Agreement. The EU and US Free trade agreements (FTA) with South Korea have also helped to boost the country’s bio pharmaceutical industry, including the clinical research sector. According to the 2012 US-South Korea FTA, tariffs in both countries will be reduced by 95% within the next five years. Most remaining tariffs will be eliminated within a ten year period. The FTA agreement has also helped to strengthen South Korea’s intellectual property protection legislature. According to industry experts, including a recent industry report by Industry Standard Research (ISR), these are some of the primary factors that have led to the country’s expansion of clinical research. This will see an increase in documents that, in joint efforts, will of course need careful medical translation.
“South Korea has seen exponential growth in the number of trials performed over past decade and new fair trade agreements along with a highly advanced, and connected, population has IMS calling for a 6.5% CAGR in drug spending through 2015.”
Andrew Schafer, President of ISR
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