KOTRA Hosts Global Buyer Invitation Event to Boost K-Pharmaceuticals Exports

'Global Bio Pharma Plaza 2022' Held for Two Days from the 12th at Lotte Hotel World, Seoul

[Asia Economy Reporter Kim Pyeonghwa] The Korea Trade-Investment Promotion Agency (KOTRA) will hold the 'Global Bio Pharma Plaza 2022' for two days starting from the 12th at Lotte Hotel World in Seoul to support the export of domestically produced pharmaceuticals.

The Global Bio Pharma Plaza is part of the 'Export Plus' project, which focuses on expanding exports in the second half of this year to respond to the trade deficit crisis. KOTRA is conducting this event with the Korea Pharmaceutical Traders Association, supported by the Ministry of Trade, Industry and Energy. Buyers from 80 companies across 21 countries including the United States, India, and Indonesia will attend. Starting with the opening ceremony on the 12th, a seminar on overseas market entry strategies for pharmaceuticals and corporate export consultations will be held consecutively.

At the opening ceremony, Germany's BioNTech and the United States' Pfizer, which developed the COVID-19 vaccine, will present 'Global Cooperation Plans for Innovative Drug Development' to domestic companies. The world-renowned genome analysis company Illumina will also give a presentation on 'Promoting Digital Health Innovation Using Next-Generation Gene Sequencing Techniques.'

At the seminar on overseas market entry strategies for pharmaceuticals, eight speakers from the Indonesian Ministry of Health and India's major pharmaceutical company Zydus will visit Korea and present market entry strategies for the ▲United States ▲Europe ▲Indonesia ▲Brazil ▲Peru ▲India ▲Pakistan markets to domestic companies.

During the corporate export consultations held on the 12th and 13th, 80 overseas companies visiting Korea and 85 domestic companies will conduct about 700 consultations to explore the export potential of domestically produced pharmaceuticals.

Yoo Jung-yeol, President of KOTRA, said, “Exports of Korean pharmaceuticals have recorded a steep average annual growth rate of 25.4% over the past five years, attracting attention as a next-generation export growth industry,” and added, “KOTRA will continue to strive to expand exports and global cooperation for our pharmaceuticals.”

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