A Memorandum of Understanding for trade cooperation in pharmaceuticals and biotechnology has been signed by the Pharmaceuticals Export Promotion Council of India (Pharmaexcil) and South Korea.
At ‘Korea Pharm and Bio 2023’ in Seoul, the MoU was signed with the Korea Pharmaceuticals & Bio Manufacturers Association.
South Korea is a member of the G20 and India is the G20’s current president.
The MoU with KPBMA is particularly important. It aims to increase market access between the nations and information exchange, trade, and cooperation in the sphere of pharmaceutical and biotechnology products.
In 2022, the South Korean pharmaceutical market is projected to be worth $22 billion, with 46% of sales being generic, 36% being proprietary, and 17% being over-the-counter (OTC) medications. There, cost-cutting initiatives and universal healthcare offer an excellent potential for Indian generic medications.