KOTRA Targets Eastern Europe to Expand Exports of K-Medical Devices and Pharmaceuticals

Expanding Market in Collaboration with Korea Pharmaceutical Traders Association

Export-related organizations are joining forces to expand Korea's elevated medical status, achieved through diagnostic kits, to the entire medical device and pharmaceutical sectors. On the 3rd, the Korea Trade-Investment Promotion Agency (KOTRA) announced that it is targeting the Eastern European market, which is accelerating the diversification and modernization of the global supply chain in the medical sector, in collaboration with the Korea Pharmaceutical Traders Association.

Jung Dahi, head of KOTRA's Bio-Medical Team, said, "Eastern Europe is a market that Korean medical companies are paying attention to due to its high public healthcare proportion and modernization demand. Especially with the spread of COVID-19 and the restructuring of the global supply chain, some medical supplies have become scarce, prompting these countries to strengthen medical modernization and supply chains in cooperation with offshore countries." He added, "As experience handling Korean medical devices such as diagnostic kits has increased, buyers are increasingly seeking Korean medical devices."

KOTRA stated that this interest is translating into export growth results alongside buyer activities. Im Seongju, head of KOTRA’s Prague Trade Center, said, "In the past three years (2019?2022), medical device exports to the Czech Republic have doubled from $11 million to $20 million. Exports of diagnostic kits and pharmaceuticals increased more than sixfold from $200,000 to $12 million." He added, "Compared to the 26% increase in our total exports during the same period, this shows how significant the growth rate is."

Other countries such as Romania and Hungary are also seeing buyers recognize the competitiveness of Korean products amid government-led healthcare reforms and modernization efforts. In fact, hospitals and clinics using Korean products have provided feedback to buyers that Korean medical supplies have strong durability. According to KOTRA overseas trade center officials, some hospitals and clinics have requested dealers (vendors) to supply Korean products instead of competing countries’ products.

In response, KOTRA and the Korea Pharmaceutical Traders Association plan to dispatch trade delegations to the Czech Republic, Bulgaria, and Serbia in early June. They will hold export consultation meetings and forums in these three countries to expand export opportunities beyond diagnostic devices to overall medical supplies. Participating companies will be introduced not only to medical buyers contacted by the trade centers but also to newly identified target buyers for each company’s product items, with consultations arranged. Support will also be provided for buyer and market information, follow-up marketing and communication, and additional video consultations.

Choi Yonghee, team leader of the Korea Pharmaceutical Traders Association, said, "Creating opportunities to meet buyers directly is important for export promotion. We will develop and support programs that provide tangible benefits to companies."