Industry

Unlocking Opportunities for Pharma: Pharmexcil’s Mission in Seoul 2023

The pharmaceutical industry in South Korea stands as a formidable player, boasting a valuation of approximately 25.4 trillion South Korean won as of 2021.

The Health Master

September 12, 2023

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Last Updated on January 12, 2024 by The Health Master

Opportunities for Pharma

Opportunities for Pharma: The Pharmaceutical Export Promotion Council of India (Pharmexcil) is gearing up for a dynamic venture in Seoul, scheduled for October 2023.

This mission aims to not only position India as an enticing investment hub but also showcase the excellence of Indian products in the thriving market of Korea.

One-to-One Business Meetings: A Unique Opportunity

On October 16, 2023, Indian exporters will have an exclusive chance to engage in “one-to-one business meetings with pharmaceutical companies” in Seoul, South Korea.

These meetings are a crucial component of the larger Investment and Trade Promotion Roadshow taking place from October 16th to October 18th, 2023.

This high-profile event will be led by the Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT).

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Elevating the Pharma Trade:

Uday Bhaskar, Director General of Pharmexcil, underscores the potential of the pharmaceutical and biomedical sectors to drive trade.

The robust growth witnessed in India’s exports to South Korea, reaching a remarkable USD 166.94 million in 2022–23 with a staggering 34% increase from the previous year, attests to the immense promise these sectors hold.

Also read: Upcoming events: Pharma, Cosmetics, Homoeopathy & Medical Devices

The Korean Pharmaceutical Landscape:

The pharmaceutical industry in South Korea stands as a formidable player, boasting a valuation of approximately 25.4 trillion South Korean won as of 2021.

A notable aspect is that pharmaceutical spending constituted about 1.7% of South Korea’s GDP in 2022, and per capita expenditure in this domain continues its steady ascent.

Notably, pharmaceutical exports from South Korea experienced a substantial surge amidst the challenges posed by the COVID-19 pandemic.

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Steadfast Growth in Production:

The value of pharmaceuticals manufactured in Korea has demonstrated a consistent upswing, escalating from roughly 14.2 billion South Korean won in 2010 to a noteworthy 22.5 million won in 2021.

This surge encompasses both over-the-counter (OTC) and prescription drugs, with the latter consistently representing over 80% of the production value.

Remarkably, pharmacies serve as the primary channel for pharmaceutical distribution, numbering over 23.7 thousand nationwide, constituting a striking 83% of all distributors.

Pharmaceutical Exports on the Rise:

In the realm of international trade, pharmaceutical exports soared to over 9.9 billion US dollars in 2021, representing a fourfold increase compared to 2012.

The Korean pharmaceutical sector played a pivotal role during the COVID-19 pandemic, actively contributing by providing a wide array of medical supplies, including testing kits.

This commendable effort translated into a significant surge in exports in 2020.

Concurrently, pharmaceutical imports witnessed a substantial upswing in 2021, surpassing 9.8 billion US dollars.

While there has been a notable gap between exports and imports over the past decade, this differential has been gradually narrowing as exports continue to chart stable growth.

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