Pharmaceutical trade opens between India and South Korea

In a new trade deal between India and South Korea, India has pledged to phase out its pharmaceutical import duties on medicines including antibiotics, insulin and anticancer drugs over the next 7 years.

South Korea is also preparing to lift import duties on medicinal products. However, they are planning to do this within a much shorter timescale. They plan to remove duties on vaccines, aspirin and some vitamins immediately upon ratification; and over 4 years for some anticancer and TB drugs.

As well as the trade deal, an Indian pharmaceutical company, Venues Remedies, has out-licensed the marketing rights of its patented antibiotic Sulbactomax to an unnamed South Korean firm. The exclusive marketing rights apply until the expiry of the antibiotic’s patent.

In addition to the new trade deal with India, a delegation from Burma has also recently visited South Korea to promote pharmaceutical trade. The official Burmese newspaper, The Light of Myanmar, reported that a memorandum of understanding on he promotion of pharmaceutical trade had been signed between the Myanmar Pharmaceutical & Medical Equipment Entrepreneurs Association and the Korean Pharmaceutical Industry Co-operative.

Burma currently imports 40% of its pharmaceutical products from India – its single largest import market. Other key imports are supplied by China, Thailand and Indonesia. With South Korea actively promoting their pharmaceutical trade, this may well soon change.

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