The Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA) announced on Nov. 21 that it had time to exchange information with representative American pharmaceutical bio organizations and expert groups in Washington, DC, USA from Nov. 17 to 18 (local time).
Chairman Won Hee-mok of KPBMA visited the US Pharmaceutical Research and Manufacturers Association (US PhRMA) in Washington DC on Nov. 17 and discussed ways to promote cooperation to share government policies related to new drug development and expand information exchange. PhRMA is an organization composed of 34 innovative biopharmaceutical companies with an average annual R&D expenditure of over 250 billion won in the United States.
During the visit, Chairman Won introduced the competitiveness of the rapidly growing Korean biopharmaceutical industry and expressed his will to promote cooperation with US PhRMA to accelerate the development of new drugs and achieve results in the domestic industry. In response, Senior Vice President Jay Taylor of US PhRMA, replied that he was paying attention to the competitiveness of Korean biopharmaceutical companies and hoped for continued exchanges such as policy sharing and information exchange with the KPBMA.
The signing of a business agreement between the two associations has led to the development of the domestic pharmaceutical bio industry, such as practical cooperation with Korean life scientists organizations in terms of information and human exchange in Washington, DC, where drug regulatory agencies such as the US Food and Drug Administration (FDA) and the National Institutes of Health (NIH) are located.