1. The Ministry of Foreign Affairs, together with the Ministry of Health and Welfare and the Ministry of Food and Drug Safety, is holding the 2015 K-Pharma Academy for Latin America from February 7 through 15 for officials from the region in charge of public healthcare policy.

° The event is mainly aimed to support bids of relevant Korean companies to enter the Latin American market. To this end, officials who handle public healthcare policy and issue relevant licenses in Latin American countries -- emerging markets for the sectors of public healthcare and medical service -- are invited to the event to better learn about the Republic of Korea’s medical and drug licensing system; enhance their trust in and awareness of relevant Korean companies and their products; and build inter-governmental networks in the field.

2. The K-Pharma Academy, an exemplary government-to-government (G2G) cooperation project, has produced a number of achievements in cooperation since December 2013, when the first of its kind was held. As such, the event is seen to have played a big role in the entry of Korean companies into the healthcare and medical market of Latin America, where they had little presence.

3. In a bid to expand its foundation of cooperation with Latin America, the ROK government invited relevant officials from six Latin American countries, up from last year, to “the third K-Pharma Academy for Latin America.” The event is prepared with well-organized events to help the Latin American officials better learn about the ROK’s public healthcare industry.

◦ During the event, the participants will learn from the Ministry of Food and Drug Safety about the ROK’s licensing system for drugs and medical equipment, as well as ways that the safety of such items are managed after their entry into the market. They will also visit the National Health Insurance Corporation and the Health Insurance Review & Assessment Service to learn about the ROK’s world-renowned health insurance system.

° In addition, they will be offered an opportunity to visit Korean pharmaceutical and medical equipment companies to see for themselves their quality control system and technology.

◦ Furthermore, business meetings will take place for Korean pharmaceutical and medical equipment companies that want to enter the Latin America market.

◦ The Latin American participants will also visit the UNESCO World Heritage Sites in Gyeongju, south of Seoul, and experience various aspects of traditional Korean culture.

- In addition, they will visit the sites of the ROK’s automobile and IT industries, drivers of the country’s economic development.

4. The ongoing “K-Pharma Academy for Latin America,” while maintaining its productive streak, is expected to serve as an opportunity to take the ROK’s cooperation with the Latin American countries a notch higher. It is also expected to provide an opportunity to help Korean pharmaceutical and medical equipment companies enter the markets of the Latin American countries. 


                    Spokesperson and Deputy Minister for Public Relations of MOFA

* unofficial translation