The Pharmaceuticals Export Promotion Council of India (Pharmaexcil) and South Korea have signed a Memorandum of Understanding for trade cooperation in the pharmaceutical and biotechnology industries.
The MOU was struck with the Korea Pharmaceuticals & Bio Manufacturers Association during ‘Korea Pharm and Bio 2023’ in Seoul.
The director general of Pharmaexcil, R. Uday Bhaskar, stated, “India currently holds the G20 presidency, and South Korea is a G20 member.
The MoU with KPBMA is particularly significant.
It aims to promote market access between countries as well as information exchange, trade, and cooperation in the pharmaceutical and biotechnology fields.
In 2022, the pharmaceutical market in South Korea is projected to be worth $22 billion, with 46% of the market classified as generics, 36% as patented products, and 17% as over-the-counter (OTC) products. Cost-containment measures and universal health coverage present a favorable opportunity for Indian generic pharmaceuticals in this country.