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Growing Demand of South Korean Pharmaceutical Drugs

According to latest industry reports in 2017, Japan is the major importer of pharmaceutical drugs and finished products from South Korea. This information was provided in a press release statement of Korea Pharmaceutical and Bio-pharma Manufactuers’ Association.

Industry sources have confirmed that pharmaceutical drugs and finished products worth 3.12 billion dollars were exported from South Korea in 2017. Out of the total exports, pharmaceutical drug ingredients worth 304.6 million dollars were exported to Japan. Finished drugs exported to Japan were worth 158.1 million dollars. Thus, Japan imported pharmaceutical goods worth 462.8 million dollars from South Korea in 2017.

Another important destination for South Korean pharmaceutical drugs and products was Croatia. This country imported pharmaceutical drugs worth 397.8 million dollars from South Korea in 2017, followed by Ireland with a total import of 228.8 million dollars of drug ingredients from South Korea. Industry reports also presented top 10 export destinations for South Korean pharmaceutical products and drugs.

South Korea exported 208 $ million dollar worth pharmaceutical raw materials and finished goods to China, making it the no.1 export destination for South Korea. Another important export destination was Vietnam with total trade of 182 million dollars.

This was closely followed by Hungary, USA, and Brazil recording an export share of 135 million dollar, 116.2 million dollar, 113.2 million dollars, respectively, from South Korea. Finally, Germany and India were other important export destinations for South Korean pharma goods, with total market share of 80.9 million dollar and 77.8 million dollars, respectively.

Celltrion Healthcare is the biggest exporter of pharmaceutical drugs in South Korea. A leading biopharmaceutical firm, it reported robust growth in exports of biosimilar products, especially the ones required for treating autoimmune diseases. Its brand new biopharmaceutical drug Remsima received approval for commercial use in USA and Europe, thereby driving exports in unprecedented manner.

Yuhan and Green Cross were the other major exporters of pharmaceutical drugs in South Korea. Yuhan primarily exported pharmaceutical active ingredients to multinational companies all across the world, recording total exports of 246.4 billion won. Blood products manufactured by Green Cross were exported in large numbers, accounting for total exports of 203.8 billion won.

ST pharm was another major player exporting pharmaceutical active ingredients worth 165.5 billion won in 2017. Samsung Biologics also exported drugs worth 147.4 billion won, making it a global leader in the manufacture of biomedical products.

Dong-A ST was another major exporter of pharmaceutical products in South Korea, recording exports worth 146.8 billion won. It was closely followed by other major pharmaceutical exports, such as Suhueng, Kolon Life Science, Hanmi Pharmaceutical, Daewoong Pharmaceutical. 2017 year saw stupendous growth in pharmaceutical exports in South Korea, with top 10 players accounting for exports worth 2.12 trillion won.

 

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Robotic surgery: latest innovation in healthcare

Within healthcare industry, robotic surgery has become the latest innovative trend and experts are of the view that robotic systems will become common in most hospitals by 2025. Though robotic surgery sounds very hi-tech, its demand is rising as general population is ageing in developed countries. Moreover, most developed countries are facing a severe shortage of trained medical surgeons.

So what exactly is robotic surgery? Well, it is a system of computer-aided machines that have the ability to carry out complex surgical procedures either partially or independently. In 2014, robotic surgery equipment had a market share of 3 billion USD. This market share is expected to double by 2020.

This implies that the demand for robotic surgery equipment is growing continuously, but there are some risk factors associated with it as it is computer-assisted device: there could be instrumental and system errors during the surgical procedure, leading to accidental deaths. To assess these risks, a study was conducted by a team of researchers at University of Illinois. In the USA, they found that about 1000 injuries and 144 deaths were caused by complications in robotic surgery.

Nevertheless, robotic surgery is going to the silent revolution of healthcare as its advantages far outweigh its risks. With a robotic surgery, the efficiency, efficacy, and precision improve tremendously. At the same time, patients experience fewer post-surgical complications and can recuperate soon. This reduced hospitalization time, so most hospitals are now encouraging patients to undergo robotic surgeries. In most government hospitals, robotic surgery is being carried out today to remove tumors. Moreover, it is now very common for patients to undergo robotic surgery for the removal of prostate, bladder or kidney.

Today, low-cost robotic systems have also become a common sight in laparoscopic surgeries. In this minimally invasive procedure, a robotic arm would align a video camera around the organ, and not the human surgeon. Minimally invasive surgeries are otherwise costly, but prices are likely to fall with the use of robotic systems.

It is important to note that robotic surgeries are still controlled by surgeons who control their movements remotely. A robotic arm can stay steady for several hours of the surgical procedure, giving a clearer picture to surgeons. With the use of robotic arms, we can minimize the need for trained clinical professionals in operation theaters. Moreover, surgical procedures carried out with robotic systems would require much lesser time for completion. In some cases, it saves about 20% of original time.

It is not just surgeons but also general practitioners are facing competition from automated healthcare systems, such as robots and chatbots. In London, a new automated has been launched recently. It allowed patients to check their symptoms through a mobile app. Then, a doctor at NHS (National Health Services) provides consultation through video conferencing. Patients need to book an appointment just two hours prior to consultation. Although doctors are not completely replaced in this procedure, chatbots assess symptoms initially. Patients are asked to answer a set of questions in these mobile apps, paving the way for artificial intelligence in healthcare systems.