KARACHI: 2023 Korea-Pakistan Bio-Medical Forum took place on August 22, 2023, at a hotel in Karachi. This event was hosted by KOTRA Karachi and is a significant component of the celebrations marking the 40th Anniversary of Diplomatic Relations between the Republic of Korea and Pakistan.
In attendance were notable figures including His Excellency Yi Sung Ho, Consul General, Karachi Office of the Embassy of the Republic of Korea; Chung Jin Han, Chairman of the Korean Chamber of Commerce and Investors in Pakistan; Joonho Min, Director General of KOTRA Karachi; Syed Farooq Bukhari, Chairman of PPMA and Masood Ahmed, Chairman of HDAP, along with other distinguished dignitaries.
Opening the event, His Excellency Yi Sung Ho extended a warm welcome to all esteemed participants. He congratulated KOTRA Karachi for organizing such a significant event on the occasion of the 40th Diplomatic Anniversary between the Republic of Korea and Pakistan.
Yi Sung Ho expressed his belief in the potential for both nations to amplify their bilateral trade and investment activities, particularly in Medical Equipment & Pharmaceutical sector.
Masood Ahmed, as Chairman of HDAP, underscored the pivotal role played by HDAP, a representative entity for the industry in Pakistan, in promoting ethical and safety standards, guiding regulatory modifications, and shaping the healthcare landscape of the country.
While the industry depends heavily on imports, awareness of Korean medical devices is somewhat limited. Nevertheless, there exists an opportunity for Korean products to make inroads by offering competitive pricing and quality. Bilateral trade agreements stand to facilitate business synergies between Pakistan and Korea.
During the forum, Muhammad Zeeshan from Fabnos International, a prominent importer of Dental Equipment in Pakistan, interpreted the dynamics of the Dental Industry in Pakistan. This sector encompasses dental implants, materials, equipment, and medicines.
Dominated by imports, the market’s value hovers around $100 million with 18 government and 43 private dental colleges, Pakistan serves as both a local and Afghan market hub.
The country also manufactures dental instruments for global export. The document further accentuated the presence of Korean brands in Pakistan and emphasized the potential for deeper Pakistan-Korean collaborations within the dental domain.
Tauqeerul Haq, Former Chairman of PPMA, offered a comprehensive overview of Pakistan’s Pharmaceutical Landscape. He highlighted the country’s closely regulated market, boasting over 700 pharmaceutical companies and a skilled workforce.
The industry maintains a strong focus on consistent product launches, upholding high-quality benchmarks, and adhering to best practices for medicines, medical devices, and related products.
The South Korean footprint is growing through joint ventures, distributor agreements, and governmental partnerships aimed at mutual gains.
Copyright Business Recorder, 2023
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