A “K-Pharma Bio One Team” initiative aimed at strengthening the global competitiveness of South Korea’s pharmaceutical and biotech industry has officially launched.
The Korea Pharmaceutical and Bio-Pharma Manufacturers Association said Tuesday it signed a memorandum of understanding at COEX in Seoul with the Korea Health Industry Development Institute, the Korea Bio Association and the Korea Trade-Investment Promotion Agency to cooperate on global marketing. The goal is to consolidate overseas expansion support programs that had been spread across different ministries and improve efficiency.
The agreement was 추진됐다 to systematize support for Korean drug and biotech companies entering overseas markets through cooperation among affiliated and related organizations under the Ministry of Health and Welfare and the Ministry of Trade, Industry and Energy.
As an industry representative, the association said it will set support priorities reflecting company demand and serve as a channel linking the private sector and government.
Under the pact, the four organizations will cooperate on jointly analyzing demand for global market entry, identifying and resolving export difficulties, providing overseas market and company information, and marketing tied to major global exhibitions. They said they will strengthen end-to-end support, from strategy development to partner searches and commercialization.
The cooperation will accelerate around the BIO International Convention, known as BIO USA, set for June in San Diego.
BIO USA is the world’s largest life sciences exhibition, drawing pharmaceutical and biotech companies and research institutions. About 250 Korean companies are expected to take part this year.
The four organizations said they will jointly support participating companies and, with other Korean organizations, hold a combined “Korea Night” reception. More than 600 industry participants are expected to attend, with the event aimed at expanding networks with global companies and investors.
Noh Yeon-hong, chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, said the agreement will be “an opportunity to further advance” the country’s support system for global expansion. “Through one-team cooperation, we will actively support strengthening corporate competitiveness and raising the industry’s standing,” he said.
* This article has been translated by AI.
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