Korea Partnered with Global Pharma Expert Group to Expand its Bio-Pharma Business in the US

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A specialized government agency of Korea, Korea Health Industry Development Institute (KHIDI) concluded Memorandum of Understanding with Regulatory Harmonization Institute (RHI), a pharma expert group, to provide Korean bio and pharma companies customized strategic promotion plans and consulting services for North American market business.

On June 28 at 2011 BIO International Convention, KHIDI and the U.S pharmaceutical industry expert group, RHI signed an extensive support agreement for U.S. market expansion of Korea pharma-bio companies. On behalf of KHIDI, Dr. Kyungwon Jang, director general of international cooperation, signed the agreement with RHI President, Mark Paxton. RHI (Regulatory Harmonization Institute) is a non-profit global consulting organization, and specialists who have worked for the U.S. FDA and multinational pharma-bio corporations are members of RHI.

Korean government recently launched a support program titled 'Columbus Project' to support its bio and pharmaceutical companies advancing into the North America market. This partnership will help Korean companies overcome the U.S market barriers regarding licensing, distribution and marketing issues. From Korea, 41 distinguished health industry companies (21 pharmaceuticals, 17 medical devices, 3 cosmetics) were designated to be a part of the Columbus Project.

Prior to the partnership, RHI composed a group of 15 experts and sent them to Korea to have a seminar and one-on-one (1:1) business meetings with Korean companies. On the seminar, RHI provided comprehensive educational sessions to help Korean companies to understand the U.S market and plan business strategies.

Dr. Kyungwon Jang stated that the purpose of this partnership with RHI is to building a network with a supporter group for diverse areas that Korean companies would need to achieve successful business relation In the U.S. market. He explained that through consistent cooperation with RHI, this MOU will further expand to consulting services for the Columbus project companies group and for their regulatory, marketing, and distribution in the U.S market.

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Minhye Park
KHIDI
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