With a population of 50m, South Korea boasts a major market for healthcare products, including medical devices. The country’s total healthcare expenditure has grown steadily from about 4.4% in 1990 to 7.1% of GDP in 2010, with an annual growth rate of 9%. South Korea is one of the world’s most rapidly aging populations. The percentage of South Korea’s population over 65 was 12.9% in 2015 and is forecasted to grow to around 20% by 2025.
Impact of the EU-Korea FTA
Implemented in July 2011, the EU-Korea FTA will lead to the removal of 97% of all tariffs for UK exporters. The FTA contains provisions on services, public procurement, intellectual property (IP) and sustainable development as well as the liberalization of goods tariffs. The FTA has ushered in enhanced protection for IP rights and improved copyright regulations.