KOTRA signed a memorandum of understanding with the Korea Pharmaceutical and Bio-Pharma Manufacturers Association on the 14th to help pharmaceutical and biotech companies expand abroad and resolve the difficulties they face in doing so. The agreement was signed at a ceremony for fostering the bio industry in the Gangwon region, held at the Chuncheon Bioindustry Foundation. The two sides aim to boost pharmaceutical and biotech exports by combining KOTRA's overseas network with the association's industry expertise.
Korean pharmaceutical and biotech firms cite tighter certification and licensing rules in major markets as a key export barrier. In a KOTRA survey of 70 domestic drugmakers conducted this month, 52% of respondents chose "coping with certification and regulation" as their biggest difficulty in entering overseas markets.
KOTRA operates K-Bio Desk bases at its trade offices in seven countries designated as bio industry priorities, while the association runs a secretariat that supports companies dealing with pharmaceutical export regulations. The two organizations plan to link these operations to support Korean pharmaceutical and biotech companies. The K-Bio Desk serves as a regional on-the-ground support channel for domestic bio firms going global, covering areas such as licensing for drugs and medical devices. Seven offices, including one in New York, were in operation as of last year, with plans to expand the network to 12.
Under the agreement, the two organizations will cooperate in disseminating information on market demand and regulatory and licensing requirements, identifying opportunities to work with major global drugmakers and supporting such business partnerships, and building cooperative ties with regulators in major markets. They will also jointly publish a newsletter covering certification, licensing and market information for major countries, and hold briefings and provide tailored advisory services in partnership with influential foreign governments, institutions and consultancies.
"Pharmaceutical exports hit a record high last year, and the Korean pharmaceutical and bio industry is emerging as a new export industry," KOTRA President Kang Kyung-sung said. "Difficulties such as export regulations encountered in entering overseas markets are also increasing, so KOTRA will work with specialized institutions to support what companies need."