The ‘2023 ICPI Week (International Pharmaceutical and Cosmetics Week)’ exhibition was held on the 18th at KINTEX Exhibition Center 1, Goyang, where you can look at the entire supply chain from drug and cosmetics development to manufacturing and distribution. This exhibition will be held under the supervision of the exhibition organizers Contest Exhibition and KY Expo, and will run until the 21st (Fri).
At this exhibition, raw drug, finished drug, and fine chemical companies from India, a pharmaceutical and fine chemical production powerhouse, will exhibit as a group at ‘Korea Pharm & Bio 2023’ and ‘Korea Chem 2023’. prepared. This trade group is comprised of 3 member companies from three export promotion organizations under the Indian government, including the Indian Pharmaceutical Import and Export Association (Pharmexcil), the Indian Pharmaceutical Association (IDMA), and the Indian Basic Chemicals, Cosmetics and Fine Chemicals Promotion Council (Chemexcil).
In addition, through this exhibition, the Indian Trade Corps prepared a venue to introduce its members to Korea, and held an international forum and B2B consultation for business collaboration between bio and fine chemical companies in Korea and India.
In order to seek international cooperation with the Korean pharmaceutical and bio industry, the Indian Embassy in Korea (Ambassador Amit Kumar) held the ‘Korea-India Pharmaceutical Business Forum and B19B Conference’ on the second day of the exhibition, the 1th (Wednesday), in rooms 306 and 307 of KINTEX Exhibition Hall 2. Hosted and supported. At this forum, which was held to develop the pharmaceutical sector of both countries, strengthen business partnerships, and form networking, the current status of the pharmaceutical industry and regulatory policies of both countries were announced, an MOU signing ceremony followed, followed by a networking luncheon. One-on-one B1B meetings were held with pharmaceutical, cosmetic, and fine chemical manufacturers, distributors, and importers.
Indian Ambassador to Korea Amit Kumar, who participated in the forum on the 19th, said, “Today, officials from about 60 Indian companies participated in this exhibition representing India. Global biopharmaceutical companies are playing a pivotal role in the pharmaceutical issues triggered by the COVID-19 pandemic, as well as playing an important social safety net function. I realized again the need for expansion,” he said.
Ambassador Amit Kumar explained the global presence of India’s pharmaceutical industry. “India’s pharmaceutical industry has developed through a very long history, and supplies world-class drugs to the world at reasonable prices. Currently, India’s pharmaceutical market accounts for about 20% of the global market, and exports to more than 150 countries. In addition, it has become the largest supply country in the generic (generic) drug market,” he said. About 650 to 45 percent of export demand in the US market is coming from the Indian market,” he explained.
Emphasizing that India is also supplying Covid mRNA vaccine and measles vaccine to the world, Ambassador Amit Kumar also mentioned the strength of the Korean pharmaceutical market. He said, “Korean pharmaceutical companies, in particular, have invested significantly in R&D and innovation, giving them strength in related fields. I think there are many areas where innovative Korean biopharmaceutical companies and India can cooperate for a mutually beneficial relationship.”
In 2021, Korea’s pharmaceutical and pharmaceutical imports are known to be worth $62 billion, of which imports from India accounted for about $1 million, which was not a large proportion. In this regard, Ambassador Amit Kumar said, “Korea is also experiencing a gradual increase in medical expenditure due to issues such as aging and population decline. In this situation, there will be room for a gradual increase in the amount of pharmaceutical imports from India,” he said.
Ambassador Amit Kumar emphasized that the company is complying with the regulations of the drug and pharmaceutical market through cooperation with industry, academia, and research institutes, and also revealed plans to continue building flexible production facilities in the future.
He continued, “In India, too, there is a lot of innovation happening in the pharmaceutical industry market, especially in the healthcare business. Therefore, we look forward to cooperation between the two countries in areas such as manufacturing biosimilars,” he said. However, even though the best research institute in India studied bioequivalence, the same procedure was repeated in a Korean research institute. Due to difficulties in changing medicinal materials, the export process is taking a lot of time and money,” he pointed out.
Lastly, Ambassador Amit Kumar said, “I hope that discussions on ways to cooperate between the two countries will proceed at this forum. Also, I sincerely congratulate the Korea Pharmaceutical Bio Association, the Indian Pharmaceutical Export-Import Association, and the Indian Pharmaceutical Association for signing an MOU.” I would like to thank the associates once again. The Indian Embassy will also spare no support to strengthen the trade relationship between the two countries.”
Meanwhile, the ‘2023 ICPI Week (International Pharmaceutical and Cosmetic Week)’ exhibition, which allows you to look at the entire supply chain from pharmaceutical and cosmetic development to manufacturing and distribution in one place, is held at ▲International Pharmaceutical and Bio Industry Exhibition (KOREA PHARM) & BIO) ▲International Cosmetic Raw Materials and Technology Exhibition (CI KOREA) ▲International Research, Experiment and Analysis Equipment Exhibition (KOREA LAB) ▲International Chemical Equipment Industry Exhibition (KOREA CHEM) ▲International Pharmaceutical, Bio and Cosmetic Technology Exhibition (COPHEX) ▲International Logistics Industry Daejeon (KOREA MAT) ▲It consists of the International Cold Chain Industry Exhibition (KOREA COLD CHAIN).
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