The Pharmaceuticals Export Promotion Council of India (Pharmaexcil) and South Korea have signed an agreement for pharmaceutical and biotechnology trade cooperation.

At ‘Korea Pharm and Bio 2023’ in Seoul, a Memorandum of Understanding was signed with Korea Pharmaceuticals & Bio Manufacturers Association.

The Managing Director of Pharmaexcil, R. Uday Bhaskar, stated, “India holds the G20 presidency, and South Korea is a G20 member.

The Memorandum of Understanding with KPBMA is significant. It aims to facilitate market access between countries as well as information exchange, trade, and cooperation in the pharmaceuticals and biotechnology sectors.

In 2022, the pharmaceutical market in South Korea is projected to be valued at $22 billion, with 46% of the market classified as generics, 36% as patented products, and 17% as over-the-counter (OTC) products. Cost-containment measures and universal health coverage present a lucrative opportunity for Indian generic pharmaceuticals in this country.

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