To strengthen pharma trade and information exchange, India has signed a pact with the largest pharmaceutical industry lobby in South Korea, News18 has learnt.
As India is holding the G20 presidency and South Korea is one of the countries of G20, Seoul-based Korea Pharmaceuticals & Bio Manufacturers Association (KPBMA) has signed the memorandum of understanding (MoU) with India.
“KPBMA has special significance and the pact is aimed at information exchange, trade and cooperation in the area of pharmaceuticals and biotechnology products and also to promote market access between the countries,” Uday Bhaskar, director general of Pharmexcil told News18.com.
India’s apex pharma export council, Pharmexcil, is an arm that functions under the Ministry of Commerce and Industry.
“Korea is a very important market in North East Asia (NEA) after China and Japan,” Bhaskar said.
KPBMA, the organisation founded in October 1945, represents the Korean pharma industry under the authorisation of the Ministry of Health and Welfare of Korea with 250 member companies.
It is an active trade body of South Korean pharmaceutical companies accounting for a major share of medicines being used in South Korea. The MoU was signed on April 19.
Pharmexcil organised the ‘India Pavilion’ at Korea Pharm & Bio with the participation of 20 member exporters during April 18-21 in Korea.
Pharmexcil signed an MoU during the same event.
According to a letter written by Bhaskar informing the Indian member companies to take note of this development, the Korean government’s cost containment measures and universal health coverage for the population in South Korea provide a good opportunity for generic medicines from India.
MORE THAN 30% GROWTH IN THE LAST YEAR
The export figures for the last fiscal are encouraging too. India’s export of pharmaceuticals to South Korea has touched $166.94 million during the financial year 2022-23 and has grown by 34% over the financial year 2021-22 at $124.60 million.
South Korean Pharma Market is estimated at $22 billion with 46% market as generics ($10.18 billion) and 36% as patented ($8 billion) and 17% as over-the-counter products ($3.8 billion) during 2022.
The total exports constitute about 43% of the export of bulk drugs and drug intermediates and 25% of finished dosage formulations.
NORTHEAST ASIA MARKET
The NEA region is the largest generic market. The region houses China, the largest manufacturer of generics as well as bulk drugs, and drug intermediates, globally.
South Korea and Japan are the other two top markets in this region. Both these markets have a very strong generic manufacturing base and Japan is a significant innovator as well.
The region’s generic market is forecast to grow by 11.78 per cent, taking the market from $132 billion to $147.88 billion in 2023.
Read all the Latest India News here
Comments
0 comment