KOTRA to Focus on "Korea-Latin America Bio Partnering" in September and October
Export Opportunities Expand as Certification Procedures Simplified in Mexico and Ecuador
Medical Market Sees Double-Digit Annual Growth Driven by Aging Population and Rising Incomes
As major Latin American countries continue to simplify certification and customs clearance procedures for Korean pharmaceuticals and medical devices, opportunities for the local expansion of the K-Bio industry are increasing.
With the imposition of tariffs on pharmaceuticals by the United States making it urgent to secure alternative markets, the Korea Trade-Investment Promotion Agency (KOTRA) announced on September 8 that it will operate the "2025 Korea-Latin America Medical Bio-Tech Online Partnering" focus period from September 29 to October 31, aiming to pioneer new markets.
Since 2023, Paraguay and Panama have designated Korea as a high-hygiene surveillance country, exempting it from mandatory GMP on-site inspections. In addition, Ecuador included the Korean Pharmacopoeia as an official reference in its national pharmacopoeia starting in June. Mexico also designated Korea as a country with equivalency in medical device sanitary registration as of last month, reducing the certification review period from the previous eight months to just 30 days.
The Latin American medical market is growing rapidly, backed by aging populations, an increase in chronic diseases, rising incomes, and medical tourism policies. Both the public and private healthcare sectors in Brazil and Mexico are expanding, recording double-digit annual growth rates. Mexico is also emerging as a North American nearshoring hub, attracting active entry by multinational medical device companies.
Colombia, Ecuador, Panama, and Argentina have high dependence on imports of pharmaceuticals and medical devices, which is expected to create opportunities for Korean companies.
KOTRA will hold an explanatory session on opportunities by country on September 18, introducing regulatory changes and market trends in six Latin American countries (Mexico, Brazil, Colombia, Panama, Argentina, Ecuador) through its trade offices, and will also arrange one-on-one consultations with local buyers and hospital representatives.
Kim Jiyeop, head of KOTRA’s Latin America Regional Headquarters, said, "In Latin America, demand for medical bio products is rapidly increasing, and as a significant portion relies on imports, favorable regulatory changes are quickly turning into opportunities for Korean companies. We will do our utmost to provide tailored export support for innovative products such as digital healthcare."
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