KOTRA and Korea Pharmaceutical and Bio-Pharma Manufacturers Association Hold Seminar on Pharmaceutical and Bio Industry Response to GVC Restructuring

[Asia Economy Reporter Suyeon Woo] KOTRA announced on the 28th that it will hold the 'Pharmaceutical and Bio Industry Briefing on Responding to the Global Value Chain (GVC) Restructuring' online on the 29th in collaboration with the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. This event was organized to support domestic companies' overseas expansion amid the changing global industrial environment following the COVID-19 crisis.

The pharmaceutical and bio industry is a sector where regional global value chain restructuring has been rapidly progressing since the COVID-19 pandemic. Governments in the United States and Europe, having experienced disruptions in pharmaceutical supply chains during the pandemic, are focusing on establishing stable supply chains through state-led industrial promotion policies and internalization of core drug production facilities. Pharmacy+Emerging (Pharmerging) countries, which are showing high growth rates, are also trending toward reducing dependence on imports of essential medicines.

Speakers include Professor Lee Yutaek from Boston University and representatives from IQVIA Asia-Pacific headquarters, a pharmaceutical market research organization, who will introduce regional pharmaceutical industry trends changing due to COVID-19 and explore opportunities for domestic companies to enter the global value chain.

Frank Toussaint, co-founder of the European branch of the Bio Supply Management Alliance (BSMA), participating as a speaker at this briefing, emphasized, "Global pharmaceutical companies such as Sanofi are actively carrying out EU reshoring projects for active pharmaceutical ingredients in response to government internalization strategies," adding, "Increased government interest and proactive revival policies for the pharmaceutical industry as a whole will act as opportunities for Asian countries."

On the 29th, KOTRA will hold an online 'Pharmaceutical and Bio Briefing on Responding to the Reorganization of the Global Value Chain (GVC)' together with the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. Kim Sang-mook, Head of KOTRA's Innovation Growth Division, is delivering the opening remarks. Photo by KOTRA

The briefing can be viewed on the KOTRA Business YouTube channel from 3 p.m. on the 29th. Following the briefing, until the 2nd of next month, KOTRA will conduct online consultations between global companies in regions such as Eastern Europe, Southeast Asia, and Oceania and domestic companies. More than 40 overseas companies will participate in this consultation event to explore various cooperation possibilities in the pharmaceutical field.

Kim Sangmuk, head of KOTRA's Innovation Growth Division, said, "The changes in the global pharmaceutical and bio industry caused by the COVID-19 pandemic are both a crisis and an opportunity for our companies," adding, "With Korea's increased international trust due to its response to COVID-19, KOTRA will connect these opportunities to actual business through customized support projects."

This content was produced with the assistance of AI translation services.