Pharmexcil Signs An agreement with the South Korean Pharma Association to expand pharmaceutical trade

India’s top pharmaceutical export promotion body— Pharmexcil—has signed an agreement with South Korea Pharmaceutical and Bio-Pharma Manufacturers Association to promote market access between both the countries, and greater cooperation in the area of pharmaceuticals & biotechnology products. Indian manufacturers see South Korean’ government’s cost containment measures and universal health coverage for its population as good opportunity for generic medicines from India. South Korea’s pharmaceutical exports to India reached $166.94 million during FY22-23 and have grown by 34% from $124.60 in FY21-22.

It constitutes about 43% of export of bulk drugs and drug intermediates and 25% of finished dosage formulations. “South Korea pharma market is estimated at $22 billion with 46% market as generics ($10.18 billion) and 36% as patented ($8 billion) and 17% OTC products ($3.8 billion) during the year 2022. The cost containment measures and universal health coverage for the population in South Korea provides a good opportunity for generic medicines from India," said Uday Bhaskar, Director, General, Pharmexcil.

“India is holding G20 presidency and South Korea as one of the countries of G20, the MoU with KPBMA has special significance which aims to exchange information, trade and cooperation in pharmaceuticals and biotechnology products and promote market access between the countries," he said adding that suggestions have been sought from the member companies to take it forward. Last month, Pharmexcil organized India-Korea Pharma Business Forum in South Korea in which 20 India pharma companies participated and discussed the possibility to accelerate pharma trade between both the countries.