The Pharmaceuticals Export Promotion Council (Pharmexcil), an arm of the Union Ministry of Commerce, entered into a Memorandum of Understanding (MoU) with Korea Pharmaceuticals and Bio Manufacturers Association (KPBMA).
“As India is holding the G20 presidency and South Korea is one of the countries of the G20, the MoU with KPBMA has special significance,’‘ R Uday Bhaskar, Director-General, Pharmexcil told businessline.
The MoU is aimed at information exchange, trade and cooperation in the area of pharmaceuticals and biotechnology products and also promote market access.
The MoU was signed on the sidelines of the 2nd Edition of the India-Korea Pharma Business Forum organised by the Indian Embassy at Seoul during April 18–21, 2023, with support from KPBMA, Pharmexcil, Ministry of Food and Drug Safety(MFDS) and Kyungyon Exhibitions. The Pharmexcil organised an “India Pavilion” at Korea Pharm and Bio with participation of 20 member exporters.
South Korea Pharma Market is estimated at $22 bn with 46 per cent market as generics (S 10.18 billion) and 36 per cent as patented ($8 biilion) and 17 per cent OTC products ($3.8 billion) during the year 2022.
“The Government’s cost containment measures and universal health coverage for the population in South Korea provides a good opportunity for Indian generic medicines,’‘ Bhaskar saiad.
India’s export of pharmaceuticals to South Korea have touched $167 million during FY23 with 34 per cent growth over previous fiscal, according to Pharmexcil data. This consisted of among others, 43 per cent of bulk drugs and drug intermediates and 25 per cent of finished dosage formulations.
KPBMA was founded in October 1945, representing the Korean pharma industry under the authorisation of the Ministry of Health and Welfare (MOHW) with 250 member companies.
KPBMA is an active trade body of South Korean pharmaceutical companies, accounting for a major share of medicines being used in South Korea.