Article Tools

Expansion Potential of Austrian Pharmaceutical Industry in Japan

Published: December 1, 2010; 11:09 · (Vindobona)

Japanese pharmaceutical companies need new products and international cooperation. An opportunity for local companies.

Expansion Potential of Austrian Pharmaceutical Industry in Japan / Picture: © Vindobona.org

"The Japanese health care market is one of the largest in the world. The pharmaceutical market alone is estimated at eight trillion yen -about € 73 billion- in the second place globally after the U.S., and offers many opportunities for Austrian companies", reports Martin Glatz, Austrian Trade Commissioner in Tokyo.

With a rapidly aging population -in 2050 every third Japanese will be 65 or older- and rising health costs, the market will reach still larger dimensions. In addition, many Japanese pharmaceutical companies are searching feverishly for new products and international collaborations with small and young companies, due to the expiry of patents. "Efforts to create a vibrant environment for venture capital activities in the life science and biotechnology industries increase the opportunities for participation of foreign companies with innovation potential, also from Austria," stresses Glatz.

Japan is after China Austria's second most important economic partner in Asia, and remains one of the most important overseas trading partners. Glatz says: "With its huge market size, the purchasing power of its consumers, the dynamic innovation environment and its importance for the access to other Asian countries, Japan offers Austrian companies great opportunities to position themselves globally successfully". Trade relations between Japan and Austria are again in full swing this year, after the crisis year 2009.  In the first eight months, the export increase compared with the same period of the previous year was 24.4%, with an export volume of € 640 million. Imports from Japan increased in the same period by 15.4% to € 1.1 billion.