Indian and South Korean pharma bodies sign pact to explore business opportunities

New Delhi, Apr 26 (KNN) The Pharmaceuticals Export Promotion Council of India (Pharmexcil) has signed a MoU with Korea Pharmaceuticals and Bio Manufacturers Association (KPBMA) to explore export opportunities in the Pharmaceutical sector.

According to the council, South Korea is focusing on providing universal health coverage, for the people, and emphasis on cost containment measures is poised to emerge as a growth market for generic medicines from India.

In FY23 India’s pharmaceutical exports to South Korea were USD 166.94 million.

It is an increase of almost 34 per cent from USD 124.60 million in the previous fiscal.

Bulk drugs and drug intermediates contributed USD 126.29 million (USD 88.44 million), followed by drug formulations and biologicals at USD 24.19 million (USD 19.3 million).

KPBMA is an active trade body of South Korean pharmaceutical companies accounting for a major share of medicines being used in South Korea.  (KNN Bureau)