KOTRA Holds Medical Bio Export Support Event in Chengdu, China

15 Domestic Companies Participating in the Medical Device Sector and Others

The Ministry of Trade, Industry and Energy and KOTRA held the '2024 Korea-China Medical and Bio Future Cooperation Plaza' in Chengdu, Sichuan Province, China, for two days starting from the 30th. The event aimed to increase public-private cooperation in the medical and bio sectors between the two countries and support domestic small and medium-sized enterprises' entry into the Chinese market. To this end, the event was conducted in cooperation with the Consulate General of the Republic of Korea in Chengdu.

The venue of the '2024 Korea-China Medical and Bio Future Cooperation Plaza' event held by the Ministry of Trade, Industry and Energy and KOTRA in Chengdu, Sichuan Province, China, for two days starting from the 30th /

The event consisted of the Korea-China Medical and Bio Future Cooperation Forum, IR presentations by participating companies, a showcase buyer consultation meeting, and visits and consultations with local medical institutions and companies. From Korea, a total of 15 companies participated in the fields of ▲medical devices (6 companies) ▲medical and beauty (5 companies) ▲pharmaceuticals and drugs (2 companies) ▲artificial intelligence (AI) and smart healthcare (1 company) ▲elderly care (1 company).

At the Future Cooperation Forum held on the 30th, about 100 government and corporate officials from both countries attended. At this event, Cha Byeong-yeol, Director of the Gimhae Biomedical Industry Promotion Center, presented on Korea's medical industry trends and cooperation plans between the two countries. Director Cha proposed the need for cooperation through clinical trials and joint research in China by introducing Korea's innovative medical devices.

Following this, at the showcase buyer consultation meeting, more than 70 participants including Sinopharm, China's largest pharmaceutical company, and Esther, one of China's top three medical beauty groups, as well as major hospitals, online pharmaceutical platforms, and medical device importers, held consultations with domestic companies.

China is a promising export region in the bio and health sectors. Exports of Korean bio and health products to China exceeded $240 million this year, increasing by about 14.3% compared to last year. In particular, the southwestern inland region of China is gaining attention as a base for bio product development and manufacturing. Global companies such as AstraZeneca, Sanofi, and Pfizer are entering the market one after another.

Hwang Jae-won, Head of KOTRA's China Regional Headquarters, said, "Compared to coastal regions, the southwestern region of China offers more opportunities for cooperation in our bio and medical sectors," adding, "We plan to support various forms of cooperation between Korean and Chinese companies, including clinical trials, new drug development, manufacturing cooperation, and import distribution."