South Korea’s top pharmaceutical association has partnered with the country’s top trade promotion agency to speed up the local pharma sector’s overseas business expansion and to aid international knowledge exchange.
The Korea Pharmaceutical and Bio-Pharma Manufacturers Association and the state-run Korea Trade-Investment Promotion Agency said Thursday that they have signed a Memorandum of Understanding agreeing to such terms.

Under the memorandum, the two entities will work to provide support to local pharma companies in scoring more investment from overseas investors, as well as become a channel for information exchange in the sector on a global level.

“That Korean companies account for only a small portion of the global pharmaceutical market, despite its strengths, suggests there is room for further growth,” said KPBMA Chairman Won Hee-mok.“We hope that this MOU will become an important turning point in advancing Korea’s pharma sector.”

“By Merging KOTRA’s strength in exports and investments with the KPBMA’s pharma business expertise, we hope to help accelerate Korean firms’ foray into global markets,” said KOTRA CEO Kim Jae-hong.

By Sohn Ji-young (jys@heraldcorp.com)