KOTRA Supports K-Bio and Healthcare Entry into China
'Korea-China Bio·Healthcare Future Cooperation Plaza' Held in Hangzhou, China
The Korea Trade-Investment Promotion Agency (KOTRA) will hold the 'Korea-China Bio·Healthcare Future Cooperation Plaza' in Hangzhou, China on the 25th. This event will be attended by 13 companies related to bio·healthcare, including ▲smart medical devices ▲functional cosmetics ▲health functional foods, who will conduct consultations with Chinese buyers.
Prior to the consultation meeting, a seminar held in the morning will feature industry experts such as Zhejiang-based medical consulting company 'Qiushi Medical Group' as speakers, presenting on trends in the Chinese bio·healthcare market and regulatory approval matters. Through presentations by domestic participating companies, it will also provide an opportunity to promote the competitiveness and excellence of our companies' products in China.
According to data from the China Academy of Industrial Research and the Zhejiang Provincial Bureau of Statistics, the Chinese bio·healthcare market size was approximately $239.4 billion last year, a 4.2% increase from the previous year. In particular, the pharmaceutical industry size of Zhejiang Province, where Hangzhou is located, was about $35.5 billion as of 2021, up 14.1% from the previous year. The Hangzhou city government is actively investing in related infrastructure, such as developing a bio·healthcare complex and attracting global bio companies like AstraZeneca.
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Hong Chang-pyo, head of KOTRA's China regional headquarters, said, “Due to the spread of COVID-19, interest in health has increased, and with rising living standards, increased medical expenses due to aging, and the allowance of overseas direct purchase of general pharmaceuticals, the Chinese bio·healthcare market is expected to grow further," adding, "We will promote projects to help excellent domestic bio·healthcare companies enter the Chinese market by leveraging these opportunities.
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