The Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA) and the Korea Trade-Investment Promotion Agency (KOTRA) have agreed to support the overseas expansion of the pharmaceutical industry.

KPBMA President Won Hee-mok (right) and KOTRA CEO Kwon Pyung-oh signed a partnership agreement, at KOTRA headquarters in Seocho-gu, Seoul, on Thursday.

Under the accord, the two organizations agreed to cooperate to establish an R&D center, joint overseas partnerships on projects related to global entry, and support and work with government agencies stationed abroad, and share information.

The two also decided to engage in cooperative activities in such areas as education, research, seminars, conferences, and lectures.

They will, for instance, hold regular meetings at least once a year to review the progress of the MOU so that the agreement does not stop as a one-off event while discussing project implementation plans.

Through such cooperation, the two institutions plan to support the “glocalization” of pharmaceutical and bio-industry and attract international research and development centers to help Korea become an R&D hub in Northeast Asia.

“Although the local pharmaceutical and bioindustry has a history of more than 100 years and has a considerable infrastructure, it is quite new to the global drug development scene,” KPBMA President Won Hee-mok said. “As the government has selected the pharmaceutical and bioindustry as a future growth engine, we hope our agreement will help catapult this sector to the global stage.”

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