A memorandum of understanding (MoU) for pharmaceutical and biotechnology trade cooperation has been signed between the Pharmaceuticals Export Promotion Council of India (Pharmaexcil) and South Korea.
This Memorandum of Understanding was signed with the Korea Pharmaceuticals & Bio Manufacturers Association at the ‘Korea Pharm and Bio 2023’ convention in Seoul.
“India holds G20 presidency and South Korea is one of G20,” said R. Uday Bhaskar, director general of Pharmaexcil.
There is great relevance to the MOU with KPBMA. The agreement’s stated goals include “promoting market access between the countries and increasing opportunities for information exchange, trade, and cooperation in the area of pharmaceuticals and biotechnology products.”
In 2022, it is projected that the South Korean pharmaceutical market would be worth $22 billion, with 46% of the market classified as generics, 36% as proprietary medicines, and 17% as OTC medications. India’s generic pharmaceutical industry stands to benefit from the country’s efforts to control healthcare costs and expand access to healthcare coverage.