The Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA), the Korea Health Industry Development Institute, the Korea Biotechnology Industry Organization and the Korea Trade-Investment Promotion Agency inked the agreement at COEX in Seoul Wednesday, establishing a joint support structure for domestic firms seeking to expand abroad.
Under the MOU, the four bodies will pool resources to conduct shared market analysis, identify and resolve export bottlenecks, gather overseas market intelligence, and coordinate marketing efforts at international trade events — replacing what had previously been a patchwork of institution-by-institution programs.
The alliance plans to kick off operations in earnest at BIO International Convention, set for June in San Diego, California. More than 250 South Korean companies are expected to attend the event this year, making Korea the second-largest national contingent after the United States.
The four organizations will jointly support Korean exhibitors at BIO USA and co-host a consolidated "Korea Night" reception expected to draw more than 600 industry officials, investors and potential partners.
"This MOU marks a significant step forward in upgrading the support framework for the global expansion of Korea's pharmaceutical and biotech industry," said KPBMA president Noh Yun-hong, adding that the alliance would work to sharpen corporate competitiveness and raise the sector's international profile.
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