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Pharmexcil signs MoU with KDRA for facilitating development of pharma & health product industries of each country
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Our Bureau, Mumbai
May 25 , 2019
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The Pharmaceuticals Export Promotion Council of India (Pharmexcil) and
Korea Drug Research Association (KDRA) have recently entered into a
Memorandum of Understanding (MoU) to set up a long-term partnership and
cooperation between between the two countries to promote the exchange,
cooperation and trade between both the parties, and facilitating the
development of pharmaceuticals and health product industries of each
country.
Consistent with the objectives of this MoU, both the
parties will explore opportunities for co-operation in matters of mutual
interest and keep the other party well-informed about the latest
development of regulations, rules and policies, including any
modifications or amendments to the same.
Under the MoU, both the
countries will mutually cooperate with each other in promoting the
introduction of new products and technologies and also in establishment
of pharma and other industries of surgical products, medical devices,
herbal extracts and Ayurveda products in both the Parties. Both the
countries will extend co-operation and support with respect to
registration in the market of the products of the members of the other
party. In order to ensure appropriate growth in trade in both countries,
both parties would make efforts to facilitate that the fee structure
and timelines taken by Drug Regulatory Authorities of both parties for
granting product registrations would be reasonable and appropriate.
As
per the MoU, both the parties on a regular basis exchange with each
other their membership journals, directory of member companies, and such
other publications and materials. The parties shall also, where
reasonably practicable, endeavor to provide any other related
information requested by the other party. Both parties will exchange
entire information, to the extent possible, in internationally used
language, i.e. English, for smooth understanding and effective use by
the other.
Besides, both the parties will cooperate with each
other in jointly organizing periodic visits for each other members,
trade delegations, training programs, conferences and exhibitions
focused to pharmaceuticals to enhance the mutual understanding and
collaboration in a substantial manner. Also, both the parties will
provide assistance to the members of the other party to take part in
seminars, exhibitions and other activities conducted by it, and also
facilitate such participation by providing necessary help in visa
applications, and extend cooperation to the members of the other party
in developing Joint ventures and collaboration.
For Pharmexcil,
the MoU was signed by its Director General Ravi Udaya Bhaskar, and for
KDRA, the MoU was signed by Chairman of the board Dong-Yeon KIM. This
MoU will remain in force for three years.
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