Tie-Ups between Indian Pharma Companies and South Korea pharma

Introduction

In the ever-evolving landscape of the pharmaceutical industry, strategic partnerships and collaborations play a pivotal role in facilitating market access and driving growth. Recent developments have seen Indian pharmaceutical companies forging alliances with South Korean counterparts, marking a significant milestone in their quest for global expansion.

Indian Pharmaceutical Exports to South Korea

South Korea, positioned as a key market in Northeast Asia (NEA), presents significant opportunities for Indian pharmaceutical exporters, ranking third in the region after China and Japan. With Indian pharmaceutical exports to South Korea surging to $166.94 million in the fiscal year 2022-23, marking a remarkable 34% growth from the previous year, it underscores the growing importance of this market for India.

The South Korean pharmaceutical market, valued at $22 billion, encompasses generics, patented drugs, and over-the-counter products. Bulk drugs and drug intermediates constitute 43% of exports, while finished dosage formulations make up 25%, showcasing India’s robust presence in the global pharmaceutical landscape.

Strategic Partnership with Korea Pharmaceuticals & Bio Manufacturers Association (KPBMA)

To further bolster pharmaceutical trade and information exchange between the two nations, India has inked a memorandum of understanding (MoU) with the Korea Pharmaceuticals & Bio Manufacturers Association (KPBMA), the largest pharmaceutical industry association in South Korea. This agreement, signed under the auspices of India’s G20 presidency, aims to foster collaboration in the pharmaceutical and biotechnology sectors, promoting market access and facilitating mutual growth opportunities.

1. The Collaboration Dynamics: Dongkook Pharmaceutical and Biocon Biologics

Dongkook Pharmaceutical has entered a strategic partnership with GC Biopharma to drive domestic sales and marketing of Glargia Prefilled Pen, an insulin glargine biosimilar developed by Biocon Biologics (BBL). This collaboration exemplifies the rising trend of alliances aimed at augmenting product portfolios and market penetration.

Glargia Prefilled Pen, a biosimilar of Sanofi’s Lantus, caters to the escalating demand for basal insulin biosimilars in the diabetes therapeutics sector.

Dongkook’s strategic alignment with the diabetes segment underscores its recognition of this domain as a pivotal growth driver in the specialty drug market. Such strategic partnerships not only fortify the competitive stance of participating entities but also lay the groundwork for prospective synergies.

About Dongkook Pharmaceutical

Dongkook Pharmaceutical, established in 1968, is a prominent South Korean pharmaceutical company renowned for its emphasis on research and development (R&D) and technological innovation. The company boasts a distinguished reputation for its high-quality over-the-counter (OTC) products, highly valued within the Korean market.

With a focus on therapeutic advancements, Dongkook has excelled in producing notable pharmaceuticals such as anesthetics, contrast media, and anti-cancer agents, earning recognition from both domestic and international regulatory bodies for the superior quality of its finished products, medical devices, and active pharmaceutical ingredients (APIs).

Invimeds Elevates RLD Sourcing with Dongkook Pharmaceutical Partnership

In our ongoing commitment to sourcing high-quality pharmaceutical products, Invimeds has established a partnership with Dongkook Pharmaceutical in South Korea. This collaboration underscores our dedication to ensuring authenticity and reliability in procuring Reference Listed Drugs (RLDs).

By joining forces with Dongkook Pharmaceutical, a reputable RLD supplier renowned for its adherence to stringent quality standards, we ensure that our clients receive pharmaceuticals of the utmost authenticity and efficacy.

Throughout the RLD sourcing process, we maintain stringent standards, ensuring adherence to regulatory requirements and maintaining optimal conditions for product integrity. With advanced temperature monitoring and data logger systems in place, we guarantee the preservation of product efficacy during transportation and storage.

Our comprehensive certification process ensures the authenticity and quality of every pharmaceutical product procured through our partnership with Dongkook Pharmaceutical. This partnership strengthens Invimeds’ position as a trusted provider of pharmaceutical solutions, enabling us to meet the diverse needs of our clients with confidence and integrity.

2. Dr. Reddy’s Laboratories: Strategic Collaboration with Prestige Biologics

Dr. Reddy’s Laboratories, a prominent Indian pharmaceutical company, has strategically expanded its presence in South Korea through a partnership with Prestige Biologics, a leading South Korean biopharmaceutical CDMO. This collaboration aims to utilize Prestige Biologics’ manufacturing capabilities in South Korea for the production, packaging, and distribution of Dr. Reddy’s pharmaceutical pipeline products.

Moreover, Prestige Biologics has signed an MOU with Aurigene Pharmaceutical Services Ltd., a Dr. Reddy’s subsidiary, further strengthening the partnership. Dr. Reddy’s, listed on the New York Stock Exchange, generated $3 billion in revenue from various global markets last year, demonstrating its commitment to meeting the growing demand for high-quality pharmaceuticals in South Korea.

This collaboration not only expands Dr. Reddy’s presence in the South Korean market but also enhances Prestige Biologics’ position in the biopharmaceutical contract development and manufacturing sector.

Indian pharmaceutical firms have expanded their presence in South Korea through strategic collaborations and business agreements, covering research, development, manufacturing, and distribution. These partnerships offer access to advanced technology, regulatory knowledge, and market insights, empowering Indian companies to navigate the complexities of the South Korean market efficiently.

Conclusion

The recent tie-ups between Indian pharmaceutical companies and South Korea mark a significant milestone in fostering bilateral trade relations and advancing cooperation in the pharmaceutical domain. With a shared commitment to excellence and innovation, these partnerships pave the way for transformative advancements in healthcare delivery and accessibility, benefiting patients and communities worldwide.