Pharmexcil upbeat on export growth prospects in South Korea, inks MoU with KPBMA
South Korea with its focus on providing universal health coverage, for the people, and emphasis on cost containment measures is poised to emerge as a growth market for generic medicines from India, according to the Pharmaceuticals Export Promotion Council of India (Pharmexcil).
India’s pharmaceutical exports to South Korea in FY-23 were $166.94 million, an increase of almost 34% from $124.60 million in the previous fiscal. Bulk drugs and drug intermediates contributed $126.29 million ($88.44 million), followed by drug formulations and biologicals at $24.19 million ($19.3 million).
In 2022, the South Korean pharma market was estimated to be $22 billion with generics accounting for $10.18 billion (46% of the market), patented drugs $8 billion (36%) and OTC products at $3.8 billion (17%) 2022, Pharmexcil Director General Ravi Uday Bhaskar said announcing the signing of an MoU with Korea Pharmaceuticals and Bio Manufacturers Association (KPBMA) in Seoul recently. The MoU was signed on the signed on the sidelines of Korea Pharm & Bio 2023.
Seeking to highlight the growth opportunity, in a communication to Pharmexcil members, he said the MoU with KPBMA has a special significance in the backdrop of India’s G20 presidency and South Korea being one of the countries of the Group. The MoU is aimed at information exchange, trade and cooperation in the area of pharmaceuticals and biotechnology products and also promote market access between the countries.
Founded in October 1945, the KPBMA represents the Korean pharma industry under the authorisation of the country’s Ministry of Health and Welfare (MOHW). It has 250-member companies. KPBMA is an active trade body of South Korean pharmaceutical companies accounting for a major share of medicines being used in South Korea. Mr. Bhaskar urged Pharmexcil member-companies to take note of the development and share their inputs/suggestions for improving market access.