The Ministry of Health and Welfare said Thursday it has launched the “Biohealth Industry Tariff Support Center” in collaboration with the Korea Health Industry Development Institute (KHIDI) to help mitigate the impact of rising global trade uncertainties -- particularly potential tariffs by the U.S. -- on Korea’s biohealth sector.

The Ministry of Health and Welfare has launched a support center to help Korean biohealth companies counter trade risks, including U.S. tariff threats, and strengthen global competitiveness. (Credit: Getty Images)
The Ministry of Health and Welfare has launched a support center to help Korean biohealth companies counter trade risks, including U.S. tariff threats, and strengthen global competitiveness. (Credit: Getty Images)

The newly established center, which began operations on Friday, is aimed at supporting Korean biohealth companies threatened by foreign trade policies, including those from the U.S., and enhancing their global competitiveness.

Officials said the move aims to ensure the long-term sustainability of Korea’s biohealth industry and provide targeted support for companies expanding abroad.

“The persistent trade uncertainty in the U.S. -- the largest global market for biohealth -- is creating considerable anxiety among Korea’s pharmaceutical, medical device, and cosmetics exporters,” Director General Jung Eun-young of the Bureau of Health Industry at MOHW. “Through this center, we will actively listen to voices on the ground and lead a whole-of-government response to minimize corporate damage.”

The center will be housed within KHIDI, a government-affiliated agency specializing in the health industry, to better accommodate the regulatory and clinical nuances of the biohealth sector.

It will also work closely with other government ministries, including the Ministry of Trade, Industry and Energy, the Ministry of SMEs and Startups, and the Ministry of Economy and Finance. Key trade-related institutions such as the Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), Korea Trade Insurance Corporation, and Korea Export-Import Insurance Corporation will also participate in the joint initiative.

Copyright © KBR Unauthorized reproduction, redistribution prohibited