One of the most important trade fairs in the pharmaceutical industry will soon be taking place in Japan as it sees a huge resurgence in global trade with companies from the west, especially Switzerland, the USA, and the UK, actively being a part of it.
Significantly, for a pharmaceutical economy that happens to be historically insular, almost half of the exhibitors, i.e., 197 out of 416, will be from abroad. As a matter of fact, the entire event has already been sold out since October last year, pushing the sudden demand increase.
It is estimated that overall, 20,000 executives are going to be expected at this pharma B2B exhibition, with more than 70 countries being part of it.
One of the subsectors that is anticipated to see a sizeable boom is going to be generic imports, which are still underrepresented in Japan. Visitors from South Korea, China, and India are expected to help meet Japan’s recent shortage of drugs through this exhibition.
It is expected that the Japanese pharma sector will witness robust growth over the next few years, with sales of pharmaceuticals expected to hit $118 billion by 2026, which will be up from the $106 billion that was seen in 2022. Apparently, the per capita spend is also expected to reach $959 from $845 in 2022, which is ranked second only to the US. The fact remains that for global companies, the most appreciable market strategy is through partnerships with domestic firms as well as licencing deals and research partnerships with universities, highlighting the significance of event attendance and building local networks through it.
The keynote insights on regulatory scenarios in the country shall be given by the Director, Pharmaceutical Evaluation Division, Ministry of Health, Labour, and Welfare, Yoshida Yasunori. It is well to note that the exhibition will host around 200 sessions and seminars. This 2023 edition of the event also marks the 20th anniversary, and there will be special events commemorating it, such as awarding those companies that have been integral in building the Japanese pharma sector.