KOTRA Launches Consultation Project to Support Exports to Japan, One of the Top 3 Pharmaceutical Markets

by Kim Pyeonghwa

Published 18 Apr.2023 11:00(KST)

20 Domestic Small and Medium Enterprises Hold Consultations with Local Buyers at Tokyo Pharmaceutical Expo in Japan

The Korea Trade-Investment Promotion Agency (KOTRA) announced that it will promote an export consultation support project for domestic companies in connection with the 'CPhI Japan 2023' pharmaceutical exhibition in Tokyo, Japan, held from the 19th to the 21st. This project is being carried out jointly with the Korea Pharmaceutical Traders Association.

The CPhI Japan pharmaceutical exhibition in Tokyo is the local representative pharmaceutical exhibition held for the 20th time this year. More than 420 companies from over 25 countries participate in the fields of pharmaceuticals and active pharmaceutical ingredient manufacturing and distribution. More than 200 seminars are also held. Twenty domestic small and medium-sized enterprises and mid-sized companies in the fields of active pharmaceutical ingredients, antibiotics, and bio-materials will conduct consultations with Japanese buyers at this year's event.

KOTRA Launches Consultation Project to Support Exports to Japan, One of the Top 3 Pharmaceutical Markets

According to the global pharmaceutical and healthcare consulting firm IQVIA, the Japanese pharmaceutical market ranks third in the world alongside advanced markets such as the United States and Europe. It accounted for more than 9% of the global pharmaceutical market last year. Due to recent ultra-aging, Japan is increasing medical expenses and the introduction of generic drugs, making it a key strategic market for domestic companies.

KOTRA plans to provide opportunities for participating companies to experience trends in the local Japanese pharmaceutical market and to grasp local demand information through this event. Kim Samsik, head of KOTRA's Japan Regional Headquarters, said, “The Japanese pharmaceutical market is dominated by strong local conglomerates,” adding, “We will actively support our companies' business by promptly disseminating local information necessary for our companies to pioneer export routes, focusing on generic drugs with high local demand.”