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Korean, E.U. Pharmaceutical Industries to Expand Global Presence Through Investment, Cooperation

According to Yonhap News,

(BRUSSELS=Yonhap News) A Korea-E.U. Pharmaceutical Cooperation Seminar took place on December 4 at a hotel in the Belgian capital of Brussels.

Co-hosted by the Embassy/Mission of the Republic of Korea to the Kingdom of Belgium and the European Union, along with the Brussels Office of the Korea Trade-Investment Promotion Agency (KOTRA), the event was an opportunity for Korean drug makers to promote recent achievements, and form partnerships with and attract investment from European pharmaceutical companies to together expand in the global market.

The seminar held this day in the heart of Europe was attended by some 30 representative of 20 organizations, including European drug makers with offices or production facilities in Belgium, trad promotion organizations and related associations.

From the Korean side, the Ministry of Health and Welfare, Korea Health Industry Development Institute (KHIDI), Korea National Institute for Clinical Trials (KONECT), and the Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA) formed a delegation that visited Brussels to provide the European participants with the latest, detailed information on the country's pharmaceutical industry and promote its strengths.

Upon introducing the current state of Korea's bio-pharmaceutical industry, which has shown exponential growth during the past five years, the delegation suggested the European firms to invest in and form partnerships with Korean drug makers, emphasizing that Korea is a global leader in cytotherapy technology and bio-pharmaceutical production capacity.

The delegation also emphasized the outstanding clinical trial environment and capacity based of highly-skilled medical professionals and high accessibility to medical services, and explained how Korea is striving to become an Asian clinical trial hub.

In addition, case presentations were made by Promethera, which had visited Korea earlier this year in June as part of a national delegation and signed a memorandum of understanding (MoU) on cytotherapy technology cooperation with a Korean company.

In his welcome speech, Ambassador Kim Hyoung-zhin said, "the embassy will do its best to provide consulting services, assist in contacting Korean companies, and support in all other stages of the investment process," adding that he hopes "the seminar serves as a catalyst for expanding practical cooperation between Korean and Belgian companies, so that Korea and the E.U. can together harness the unlimited potential of the bio-pharmaceutical industry."

On December 5, the delegation is scheduled to meet with representatives of the Belgian Pharmaceutical Association (APB), and visit a local clinical trials center.

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Source Text

Source: Yonhap News (Dec. 4, 2017)

** This article was translated from the Korean.
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