09/20/16 – U.S. Embassy hosts Korea-U.S. Government-Industry Healthcare Dialogue in Sejong City

seoul embassy

SEOUL – U.S. Embassy Seoul partnered with the Korean Ministry of Health and Welfare to host the second Korea-U.S. Government-Industry Healthcare Dialogue on Thursday, September 8 at the Sejong City Convention Center. U.S. Department of Commerce Deputy Assistant Secretary for Asia Diane Farrell represented the U.S. Government at the Dialogue.

“The event provided an excellent forum for discussion between U.S and Korean industry and government about the opportunity and challenges to enhance the healthcare ecosystem through public-private partnerships and reward for innovation,” Farrell stated. 

The event featured sessions on bilateral cooperation efforts in the pharmaceutical and medical device sectors. More than 90 officials from U.S. and Korean multinational pharmaceutical and medical device companies, local manufacturers, industry associations and government participated. Presentations by MSD, PhRMA, Johnson & Johnson, Boston Scientific, BD, Hanmi Pharma, Boryoung, Lutronic and Korea Medical Devices Industrial Cooperative Association, addressed timely topics facing the healthcare industry in the Republic of Korea, as well as global challenges to the introduction of new medical technologies. 

U.S. and Korean industry officials commented that local and multinational company collaboration is growing. For example, there are over twelve cases of overseas joint advancement between domestic and global pharmaceutical companies. Many of these, including Hanmi Pharma’s co-promotion partnership with MSD, are viewed as “win-win” partnerships that leverage strengths in drug development, manufacturing, and global marketing. The event also included productive conversations about key factors in the industry, such as human capital, R&D infrastructure, legal certainty, regulatory standards, and market rewards, that will be critical to enhance the overall healthcare ecosystem in the Republic of Korea.  U.S. Embassy Seoul Minister Counselor for Commercial Affairs David Gossack commented that “consistent and transparent discussion between the two countries in these areas will be increasingly important as Korea focuses on the healthcare sector as a driver for economic growth.”