India is planning to focus its eyes on South Korean markets to push and promote its generic exports to the peninsular region. As part this initiative, the Pharmaceutical Export Promotion Council of India (Pharmexcil) with the support of ministry of commerce is planning to organize an India Pavilion at ‘Korea Pharm’ from June 10-13, 2014.
Moreover, with India entering into CEPA (Comprehensive Economic Partnership Agreement) and also a signatory of FTA with South Korea, there is good scope for improving bilateral trade between the two nations particularly in the active pharmaceutical ingredients segment.
At present the South Korean pharmaceutical market is the 10th largest pharmaceutical market, globally. The industry is highly fragmented, with almost all the domestic pharmaceutical companies having a strong portfolio of generic products rather than expensive, branded drugs.
For the entire pharmaceutical industry, an increase in insurance coverage, an ageing population and favourable government initiatives are expected to drive future growth. Improved Intellectual Property Rights (IPR), changing demographics, and government support have contributed towards making the South Korean pharmaceutical industry attractive for multinational companies.
The South Korean government has signed Free Trade Agreements (FTA) with the US, Europe and India that are aimed at improving the IPR framework in the country and making the pharmaceutical industry more attractive for foreign investment.
In view of ample scope to grab business in South Korea, India is attempting for second time with India Pavilion to push and promote its generics export. As part of this, Pharmexcil is organizing India Pavilion at Korea Pharm exhibition where the council will take the opportunity to exhibit India’s strengths in APIs, chemicals, and laboratory and packaging materials.
As a part of this, the council has called upon interested members from the Indian pharma industry to take part in this event and make up maximum from this opportunity to grow their export business in South Korea. “As an assistance to take part in India Pavilion, Ministry of Commerce, Govt. of India is also providing financial assistance of Rs. 1.5 lakhs under the MDA (Marketing development assistance) scheme for companies whose export turnover for the previous year is less than Rs. 30 crores,” informed Raghuveer Kini, executive director, Pharmexcil.
Source:- pharmabiz.com
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