Promising shingles vaccine market halved by COVID-19

Q1 2020 market generated KRW 12.2 billion, 56% less than Q4 2019

Both Zostavax and Sky Zoster sales dwindled together

Number of vaccination recipients dropped since COVID-19 outbreak affecting the market struggle

Product images of Sky Zoster (left) and Zostavax

The Korean shingles prevention vaccine market has halved this year.

 

SK Bioscience' Sky Zoster has been maintaining high growth since its launch in 2018, but the market itself plummeted recently due to the COVID-19 outbreak.

 

According to pharmaceutical market research firm IQVIA, this year’s first quarter shingles vaccine market marked 12.2 billion won taking a 37.8-percent fall from last year’s first quarter generating 19.7 billion won.

 

Compared to last year’s fourth quarter making 27.9 billion won, the overall shingles vaccine market shrunk by 56.1 percent.

 

Currently, Zostavax by MSD and Sky Zoster by SK Bioscience are the only two shingles preventive vaccines in Korea.

 

Zostavax was dominating the market initially, until Sky Zoster came about in the market in late 2017.

 

The first quarter shingles vaccine market has hit a historic low since Sky Zoster was launched.

 

Quarterly review on shingles vaccine market (Unit: KRW 1 million) Source: IQVIA

Apparently, the spread of COVID-19 has significantly impacted the preventive vaccine market.

 

First, the vaccine recipients refrained from visiting healthcare institutes and lowered the number of vaccination.

 

And the fact that it was not an urgent treatment, but a preventive vaccine could have influenced the users avoiding the vaccination.

 

After Sky Zoster was introduced, the shingles vaccine market continued to grow.

 

The market volume skyrocketed by 16.3 percent in merely two years from 24 billion won in the fourth quarter of 2017 to 27.9 billion won in the fourth quarter of 2019.

 

As Sky Zoster is priced about 10 percent lower than Zostavax, the market had even bigger surge in use.

 

But the volume plunged when COVID-19 started disturbing the market.

 

Quarterly review on Zostavax and Sky Zoster sales (Unit: KRW 1 million) Source: IQVIA

The research firm reported both Zostavax and Sky Zoster took a steep fall in sales volume.

 

Zostavax made 7.3 billion won in the first quarter, which was 39.3 percent less than last year first quarter and 56.9 percent less than the last fourth quarter.

 

Sky Zoster made 4.9 billion won, generating 35.5 percent less than last year.

 

From the last fourth quarter, the Korean-made vaccine took a sharp 55.0 percent dip.

 

Taking the steep fall together, Zostavax and Sky Zoster respectively maintained about the same market share as previous quarter.

 

Sky Zoster’s first quarter market share marked 40.3 percent, when the previous quarter marked 39.3 percent.