The government said it would fully support local drugmakers seeking to expand into overseas markets, as the second comprehensive five-year program for supporting the pharmaceutical industry begins this year.
The Ministry of Health and Welfare promised various policy supports at a briefing session at Lotte World Hotel in Seoul, Friday. Titled “2018 Pharmaceutical Business Overseas Expansion Support Project,” the event was co-hosted by the Korea Health Industry Development Institute, the Korea Pharmaceutical Traders Association, and the Korea Trade-Investment Promotion Agency.
According to the ministry and other sources, the government will run “K-Pharma Academy” to help local drug suppliers prepare for the expansion into foreign countries.
The K-Pharma Academy will invite healthcare and regulatory approvals-related government officials from emerging countries to offer opportunities for contact with local drugmakers. From May 9-11, more than 10 government officials, including those from the China Food and Drug Administration and the National Health and Family Planning Commission of China, will visit Korea to meet local drugmakers.
A similar event is planned in September for government officials from Russia and Central Asia.
The government will encourage foreign officials to visit domestic pharmaceutical and medical facilities and drug exhibitions to build trust and awareness of the Korean pharmaceutical industry.
In April, a government-business delegation will visit Latin America, including Brazil and Colombia.
The joint delegation for healthcare cooperation will share licensing methods through inter-governmental exchanges and business forums. The delegation will also send pre-entry items to local companies to arrange meetings with local firms interested in the Korean drugmakers’ products.
The government also plans to build a platform for overseas expansion so that Korean firms can smoothly receive approvals overseas. It will operate a global information center for the pharmaceutical industry, establish the database on the overseas pharmaceutical market in stages, and analyze trends and publish reports about changes in drug policies of major countries.
For research and development in all phases, the government will invite licensing officers from the targeted markets in advance. The government has already secured an online network with 200 specialists.
As many Korean drugmakers are eyeing on expansion in the Chinese market this year, the government’s support for the pharma will concentrate on China in the first-half year.
In the second half, the government plans to invite officials from Southeast Asia. The officials will attend the government’s healthcare policy briefing, have group-to-group meetings, visit Korean drug production facilities and medical institutions, directly meet with local drugmakers, and understand the Korean pharmaceutical industry in general.
“It is difficult for individual companies to raise the brand of Korean drugs and resolve approval-related issues for themselves in the global market,” said Lee Hyun-ju, director of the ministry’s Global Healthcare Divisions. “We aim to enhance the support for the field through cooperation with related ministries.”