Korea, Mexico to boost exchange, cooperation in medicine industry

Korean companies exporting medicine and medical supplies to Mexico will not have to undergo on-site inspections by the Mexican health authorities, following an agreement between the two nations, the Ministry of Food and Drug Safety said, Tuesday.

The agreement is expected to increase exports of medical products and medicines by $8 million annually, it said.

The ministry and its Mexican counterpart, the Federal Commission for the Protection against Sanitary Risk (COFEPRIS), signed memorandums of understanding (MOUs) on cooperation in the health industry during President Park Geun-hye’s visit to Mexico.

According to the MOUs, the two nations will recognize each other’s evaluation results of good manufacturing practice (GMP), a certificate on production and quality management of medicine, which is a must for a drug manufacturer before selling its products in local or international markets.

“When a company exports its products to a country, the country’s health authorities visit it to make a GMP inspection. But for exports to Mexico, Korean firms do not need the inspection now,” a ministry official said.

The two nations also agreed to share information on telemedicine and the trade of medicine and medical supplies.

“Mexico is the second largest market in Latin America after Brazil in terms of the health industry. We’ll seek to expand cooperation,” the official said.