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Korean bio-pharmaceutical companies, after overcoming the covid-19 pandemic, find opportunities in exports

KOTRA KPTA to hold the GBPP, an export consultation, on Sep 14-15
Emerge as a leading overseas marketing platform for bio-pharmaceutical companies, with 100 overseas buyers visiting

KOTRA (President Yu Jeoung-yeol) is to hold the 'Global Biopharma Plaza 2023 (hereinafter referred to as GBPP)' with the Korea Pharmaceutical Traders Association (Chairman Baek Seung-yeol) at Lotte Hotel in Jamsil on September 14-15..

More than 100 buyers from 31 countries around the world, including the United States, India, Mongolia, and Brazil, will visit Korea to have more than 900 export consultations with 100 Korean companies in the field of △ biopharmaceuticals △ raw materials and finished drugs and △ vaccines.

In particular, the number of overseas buyers visiting Korea rose 56% from the previous year. By region, buyers from Europe, where drug shortage is a major issue after the pandemic, and Southeast Asia, a key emerging growth market, account for 19% and 18%, respectively. In addition, 22% of buyers have more than USD 100 million in sales, including Merck & Co (U.S.) and Sun Pharmaceuticals (India).

Various side events are also scheduled at this GBPP, the seventh of its kind this year, with intention to build global growth momentum for Korean bio and pharmaceutical companies. The briefing session on the first day is planned to look at the opportunities and registration systems for major countries such as the United States, Europe, Japan, and Latin America, while also seeking opportunities for domestic companies to secure future growth resources by introducing potential M&A investment deals.

Meanwhile, events designed to develop innovative technologies and expand international cooperation are also notable. The "Global Enterprise Open Innovation" session will provide a chance for global companies wishing to cooperate with Korean companies to put forward business proposal and pinpoint consultations from Korean companies in the stage of new drug R&D on September 15.

Chairman Baek Seung-yeol of the KPTA said, "We expect that the GBPP 2023 event will serve as an opportunity to invite many overseas buyers to Korea to promote Korea's high-class pharmaceutical industry, including advanced quality control," adding, "The Korean pharmaceutical industry is growing every year, and we will continue to work with KOTRA to develop the pharmaceutical industry and promote exports".

"It is time for Korean bio and pharmaceutical companies, which have overcome the COVID-19 pandemic relatively well, to find global growth opportunities in exports" said Jeong Oe-young, head of KOTRA's Innovative Growth Division, adding, "KOTRA will help further increase export by supporting Korean companies' follow-up consultations in cooperation with overseas KOTRA business centers, as well as dispatching a pharmaceutical trade delegation to Latin America in November."

Source: KOTRA (2023.09.14.)

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