Korea-Ecado Pharmaceutical Bio Meetings...Search for substantial advancement through information exchange
Sep 05, 2025
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The meeting, which was held by the Korea Pharmaceutical and Bio Association with the Ecuadorian Food and Drug Administration (ARCSA) Director Daniel Sanchez, who visited Korea to attend the Global Bio Conference (GBC) hosted by the Korean Ministry of Food and Drug Safety, was designed to support domestic pharmaceutical bio companies' entry into the Ecuadorian market by identifying difficulties and seeking solutions.
At the meeting, members of the association (11 companies) interested in entering Ecuador and Latin America participated to discuss pending issues. The main topics of discussion were ▲the practical benefits of adopting the mutual certification system and the Korean Pharmacy ▲the simplification of the registration process of Korean drugs and the scope of recognition of screening data ▲The operation status of the Ecuadorian public procurement system and participation requirements ▲the establishment of the Integrated Regulatory Organization for Central and South America (AMLAC). Participating companies shared difficulties and inquiries encountered when entering the local market and sought concrete solutions with ARCSA.
On the afternoon of the same day, Director Sanchez visited the Osong plant of LG Chem to examine the manufacturing and quality management capabilities of the Korean pharmaceutical bio industry.
On the 2nd, South Korea and Ecuador signed the Strategic Economic Cooperation Agreement (SECA) between South Korea and Ecuador, further strengthening the foundation for institutional cooperation between the two countries. Already, the two countries have been operating a drug mutual recognition system (Homologation) since 2014, and on June 30, the Ecuadorian Ministry of Food and Drug Safety adopted the Korean Pharmacy (KP) as an official reference drug.
Ecuador's drug market is worth about $1.67 billion as of 2023, accounting for about 2% of Latin America as a whole. It is projected to grow to approximately $1.92 billion by 2029, and is considered a market with high growth potential due to increased drug spending per capita and improved regulatory environments.
Chairman Roh Yeon-hong said in the opening speech of the meeting that `Sanchez's visit to Korea marks a new milestone in the cooperation of pharmaceutical and bio industries between the two countries' and that `We hope that this meeting will strengthen the foundation for regulatory cooperation and expand the entry into Latin American markets including Ecuador'" he said.
In a greeting, Director Sanchez said, `I hope that more excellent Korean medicine will be supplied to Ecuador and contribute to the public health.' `We hope that this meeting will serve as a practical opportunity to expand pharmaceutical cooperation between the two countries.'
An official of the association said "This meeting is expected to provide practical help by focusing on problems and questions encountered in the actual export process, beyond just explaining the system."We plan to continue cooperation with ARCSA in the future to actively support Korean companies' entry into the Ecuadorian market."
This article was translated by Naver AI translator.
