Korean pharmaceutical companies will benefit from shorter and simpler process when they export medical products to Argentina, the Ministry of Health and Welfare said Wednesday.
Minister of Health and Welfare Chung Chin-youb, who returned from an eight-day visit to Latin America leading a government-private sector mission, said Argentina agreed to include Korea in the group of countries benefiting from simplified registration process in the export of medical products.
|Source: Ministry of Health and Welfare|
The Argentine Ministry of Health has agreed to apply a simplified drug registration system for Korean companies that had struggled to export products and make business partnerships in the Latin American country because of its complex import regulations.
Companies enrolled in the simplified process will also have their medical registration period reduced from 120 to 90 days even if they do not conduct clinical trials locally.
Minister Chung also had discussions with his Argentine counterpart concerning the application of Korea’s information and communication technologies to Argentina’s “e-Health” project. The two countries also agreed to promote exchanges of medical personnel.
A total of 56 local companies participated in the trade fair held in Buenos Aires, Argentina and Sao Paulo, Brazil.
One of the Korean companies signed a $10-million contract to export portable ultrasonic diagnosis equipment with a Brazilian importer.
“Latin American healthcare market, estimated to be about $445.7 billion in 2015, is expected to growth 4.5 percent a year by 2020,” Minister Chung said. “It’s a huge promising market to which Korean companies must advance despite geological distance and various regulations.”
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