Pharmaceutical Bio Association Partners with Indian Medical Industry... Signs MOU

India, the World's 3rd Largest Pharmaceutical Manufacturer
Expectations for Supply Chain Expansion through Exchanges

The Korea Pharmaceutical and Bio-Pharma Manufacturers Association announced on the 19th that it signed a Memorandum of Understanding (MOU) to enhance mutual relations and cooperation with the Indian Pharmaceutical Export Import Promotion Council and the Indian Drug Manufacturers' Association (IDMA) at the International Pharmaceutical & Bio Industry Expo held at KINTEX in Ilsan from the 18th to the 21st of this month.

On the 19th, the Korea Pharmaceutical and Bio-Pharma Manufacturers Association and the Indian Pharmaceutical Export Import Association signed a Memorandum of Understanding (MOU) at KINTEX in Goyang-si, Gyeonggi-do. Jang Byeong-won, Vice Chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association (right in the photo), and S. Murali Krishna, Director of the Indian Pharmaceutical Export Import Association, are posing for a commemorative photo.
[Photo by Korea Pharmaceutical and Bio-Pharma Manufacturers Association]

India is the world's third-largest pharmaceutical manufacturer, with a pharmaceutical market size estimated at approximately $43.46 billion (about 57 trillion KRW) as of last year, making it a powerhouse in the pharmaceutical and bio industries.

The Indian Pharmaceutical Export Import Promotion Council is a government agency under the Ministry of Commerce of India, with about 4,000 member companies. This council plays a role in promoting and supporting exports of the Indian pharmaceutical and bio industries by organizing seminars and conferences on export-related issues and forming overseas trade delegations. IDMA, a private association established in 1962 to promote the development of the Indian pharmaceutical and bio industry, strengthens cooperation with government and international organizations and proposes policies for industrial development, responding to domestic and international issues.

According to the MOU, the association will mutually cooperate with the two organizations in areas such as ▲dispatching delegations and business exchanges ▲hosting expos, seminars, and forums ▲organizing and supporting education ▲exchanging information on regulations, markets, trade, investment activities, and services.

At the event, Jang Byeong-won, Vice Chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, said, "The Indian market, one of the four major 'Pharmerging' markets leading the growth of the global pharmaceutical market, is becoming a global pharmaceutical manufacturing hub based on excellent human resources and high research and development (R&D) capabilities." He added, "We will create tangible results based on multifaceted cooperation such as technology collaboration and joint ventures between Korean and Indian companies through this agreement with the two organizations."

S. Murali Krishna, Director General of the Indian Pharmaceutical Export Import Promotion Council, stated, "Through this agreement, we expect to promote short-term exchanges of information and expertise and trade in pharmaceuticals, and in the mid to long term, strengthen cooperation across the pharmaceutical and biosimilar sectors." Dara Patel, Secretary General of IDMA, also said, "Korea is known for its excellence in active pharmaceutical ingredient manufacturing and the biohealth industry, especially in formulation and dosage form development technology." He added, "Many Indian companies are looking to export generics to Korea, and we look forward to building new partnerships between Korean and Indian companies through this event."

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