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Expansion of Pharmaceutical Market Entry Expected Upon Recognition as Reference Country
The Ministry of Food and Drug Safety announced on the 23rd that it has signed a Memorandum of Understanding (MOU) with the Vietnamese Ministry of Health on cooperation in the safety of food, pharmaceuticals, cosmetics, and medical devices.
This MOU was signed in the presence of the leaders of both countries, on the occasion of the summit between President Lee Jae-myung and Vietnamese Party Secretary General and State President To Lam.
The purpose is to strengthen cooperation and trust between the two countries in safety regulation areas such as food and pharmaceuticals, thereby revitalizing trade in related products and contributing to enhancing public safety in both nations.
Key contents of the MOU include information exchange on laws, permits, technology, supply chains, cooperation in new technology fields such as artificial intelligence (AI), digital, and biohealth, promotion of medical product accessibility and regulatory trust, and cooperation measures for practical implementation, such as holding high-level meetings.
The Ministry of Food and Drug Safety expects this cooperation to serve as an opportunity to promote the easing of non-tariff barriers for K-pharmaceuticals and K-food.
In particular, if Korea is recognized as a reference country for pharmaceuticals in the future, an expansion of entry into Vietnam's imported pharmaceutical market, valued at approximately 4.3 billion USD (about 6.4 trillion KRW), and an increase in K-pharmaceutical exports of approximately 100 billion KRW annually are expected.
Vietnam designates some countries with excellent regulatory standards as reference countries, simplifying the domestic approval and registration procedures and conducting expedited reviews for pharmaceuticals approved by these reference countries.
Furthermore, Oh Yu-kyoung, Minister of Food and Drug Safety, met with Vietnamese Minister of Health Dao Hong Lan on the occasion of the MOU signing to share an understanding of the importance of safety cooperation in areas such as food and pharmaceuticals, and discussed specific cooperation measures.
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