Last Updated on September 16, 2023 by The Health Master
Opportunities for Pharma
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
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).
Elevating the Pharma 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.
The Korean Pharmaceutical Landscape:
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.
Steadfast Growth in Production:
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.
Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.
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