The Pharmaceuticals Export Promotion Council of India (Pharmaexcil) and South Korea have signed an MOU for pharmaceutical and biotechnology trade cooperation.
At ‘Korea Pharm and Bio 2023’ in Seoul, a Memorandum of Understanding was signed with the Korea Pharmaceuticals & Bio Manufacturers Association.
The director general of Pharmaexcil, R Uday Bhaskar, stated, “India retains the G20 presidency, and South Korea is one of the G20 nations.
The MoU with KPBMA is of particular importance. It aims to promote information exchange, trade, and cooperation in the pharmaceuticals and biotechnology sectors, as well as market access between nations.
In 2022, the pharmaceutical industry 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 products. Cost-containment measures and universal health coverage provide an excellent opportunity for Indian generic drugs.