Country Analysis Report - South Korea Essay
In the fiscal period from year 2000 to 2004, Allergan Inc. has seen a continuous rise in sales and profits. In the year ended 2004, net income reached a high of $377 million and there is certainly no reason to believe that number won't continue to grow . Although most of our company's sales comes from our line of eye care pharmaceuticals, It is the BOTOX/neuromodulators line that sees the most promise in growth.
With 80% of our BOTOX products being used for cosmetic purposes, a great market potential is seen in South Korea where the demand for skincare and cosmetic products is soaring. With sales capabilities in over 100 countries, direct sales offices have only been established in a little over 20 …show more content…
Legal Conditions: Marketing pharmaceuticals in any country can always be difficult depending on the laws and regulations of those countries on drugs. Currently, South Korea has one of the largest pharmaceutical markets in Asia valued at over $5 billion2. Recent reforms such as the Actual Transaction Pricing (ATP) and A-7 policies have required many drugs to be priced at the level of advanced countries, creating a level playing field for foreign drugs to compete with domestic onces. Foreign companies must be aware of intellectual property laws in Korea. Unlike the U.S. where intellectual property rights are usually granted based on "first