Related Companies Request Information Sharing, Strategy Development, and Emergency Support
Amid growing uncertainty over exports to the United States due to the implementation of reciprocal tariffs, the Ministry of Health and Welfare discussed the impact on the biohealth industry and response measures with related industries.
Park Min-su, the 2nd Vice Minister of Health and Welfare, is speaking at a meeting between the medical device and cosmetics industries held on the 9th at Seoul City Tower in Jung-gu, Seoul. Ministry of Health and Welfare
On the afternoon of the 9th, the Ministry held a meeting at Seoul City Tower, chaired by Vice Minister Park Min-su, with medical device and cosmetics export companies, the Korea Medical Devices Industry Association, Korea Medical Devices Cooperative, Korea Cosmetic Association, Korea Cosmetic Industry Institute, associations, and the Korea Health Industry Development Institute.
According to the Ministry, attending companies requested government support for sharing information on global tariff responses and strategy development, while also hoping for emergency support for affected companies.
Earlier, at 1 p.m. Korea Standard Time on the same day, a 25% reciprocal tariff on South Korea took effect, putting domestic companies on high alert.
Vice Minister Park said, "We will make every effort at the government level to minimize the impact of the U.S. government's tariff measures on the biohealth industry," adding, "We will actively engage in whole-of-government trade negotiations in cooperation with related ministries such as the Ministry of Trade, Industry and Energy, and review support measures reflecting industry opinions."
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