The Growing Pet Pharmaceutical Market: Why Pharmaceutical Companies are Taking Notice

The Growing Pet Pharmaceutical Market: Why Pharmaceutical Companies are Taking Notice

Recently, the pet industry in South Korea has seen remarkable growth, and pharmaceutical companies are increasingly eyeing the pet pharmaceutical market. According to the "2023 Korean Pet Report" published by KB Financial Group, the number of households owning pets in Korea reached 5.22 million as of 2022, accounting for 25.7% of all households. With growing interest in pet health care, the demand for pet medications is expanding rapidly.

Why Pharmaceutical Companies are Entering the Pet Market

Pet medications are typically quicker to develop compared to human drugs, with shorter clinical trial times and less complicated approval processes. As a result, pharmaceutical companies are attracted to the pet medicine market due to relatively low development costs and faster time-to-market. Moreover, by adapting human medications for pets, these companies can benefit from both markets, creating a 'win-win' scenario.

For instance, Daewoong Pharmaceutical’s subsidiary Daewoong Pet has been developing pet medications based on human drugs. They released "UDCA tablets," a pet version of their liver function medicine Ursosan, and are currently conducting clinical trials for "EnbloPet," a pet version of their diabetes drug Enblo. Similarly, HK Innoen is developing a JAK inhibitor, "IN-115314," as a treatment for pet skin diseases, leveraging the growing demand for pet dermatology solutions.

Rising Demand for Pet Health Care

Among the various health issues pets face, skin conditions are particularly prevalent, which has prompted pharmaceutical companies to focus on developing treatments in this area. According to the Ministry of Agriculture, Food and Rural Affairs (MAFRA), the cost of pet healthcare has risen significantly, with more pet owners spending on treatments. As a result, the pharmaceutical industry's investments into pet health solutions have been increasing.

Market Outlook and Growth Potential

The South Korean pet industry was valued at 8.66 trillion KRW in 2022, with an annual growth rate of 9.5%. Projections indicate that by 2032, the market will reach over 21 trillion KRW. Given this rapid growth, pharmaceutical companies are expected to continue expanding their product offerings in the pet medicine sector.

Conclusion

The growing pet market, fueled by the increasing focus on pet health, is an attractive opportunity for pharmaceutical companies. As these companies continue to innovate and adapt human medications for pet use, the pet pharmaceutical market will expand even further, benefiting both the industry and pet owners. The future of pet health care looks bright, with sustained investment and development in this evolving sector.

#PetPharmaceuticals #PharmaceuticalIndustry #PetHealthCare #PetIndustryGrowth #PetMedicine