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It is argued that Japan is “the best market in the world right now” for foreign drug companies.The increasing attractiveness of Japan’s pharmaceutical market is due to recent decisions taken by the Japanese government to liberalise the Japan’s drugs market in several key areas. For example, the Japanese government has sped up and simplified its review process for new drugs and greatly expanded the funding and capacity of its Pharmaceuticals and Medical Devices Agency (PMDA), which is tasked with reviewing new drugs on behalf of the Ministry of Health, Labour and Welfare. In addition, the Japanese Government is reviewing its pricing system for new drugs in order to make it easier for drug companies to pursue research and innovation in Japan; finally, Japanese authorities have announced that at least 80% of the total volume of drugs sold in Japan should be generics by 2020. This is expected to further level the playing field between foreign and Japanese drug firms.
JPMA, Industry Vision 2025, 2016
BioSpectrum, Japan pharma market worth $80 billion by 2020: Global Data, 2015
The Economist, Health Care in Japan: Regenerative Medicine, 2013
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