Secured export contract with KOTRA support Obtained local FDA approval in Kaduna State Expanding MRI products overseas following CT contrast agents Building trust and strengthening cooperation through cultural exchange
Korea United Pharm Inc. is set to expand its export of MRI contrast agents to the Philippine market with support from KOTRA (Korea Trade-Investment Promotion Agency). This contract was a result of the 'GLOBAL BIO & PHARMA PLAZA (GBPP)' event organized by KOTRA, following the acquisition of product approval from the Philippine Food and Drug Administration, leading to the formal contract.
On the 17th, Korea United Pharm Inc. signed a supply contract for the MRI contrast agent 'Gadovaz (active ingredient: Gadobutrol)' with Philippine Biopharma Co. (represented by Aida Bolaza) at the United Building in Yeoksam-dong, Seoul. The entire negotiation process was smoothly conducted with the support of KOTRA's global network, resulting in tangible outcomes for medical cooperation between the two countries.
Gadovaz is a contrast agent used in high-resolution MRI (Magnetic Resonance Imaging) scans, enhancing image quality and verified for safety. Since obtaining approval from the Korean Ministry of Food and Drug Safety in 2023, exports have rapidly expanded, and with this contract, full-scale supply to the Philippine market is expected.
The demand for radiology equipment in the Philippines has been steadily increasing, leading to rapid growth in the contrast agent market. Following the contract, Philippine Biopharma Co. announced local marketing plans, signaling an aggressive market entry.
Korea United Pharm Inc.'s CT contrast agent 'Omnihexol' has already surpassed the original products in the Philippine market, achieving the top market share. Therefore, the entry of the MRI contrast agent is also expected to expand stably, based on the trust of local medical institutions and the distribution industry.
A company representative stated, "KOTRA's strategic support was a crucial foundation for this contract. It is a representative case of synergy created by combining the global network of public institutions and the technology of enterprises."
Meanwhile, Korea United Pharm Inc. invited overseas buyers visiting Korea for the event to its headquarters, hosting a family concert and a history campus tour. This event served as an opportunity to strengthen mutual trust through culture and art and to enhance future cooperative relationships.
Kim Sang-jun
AI-translated with ChatGPT. Provided as is; original Korean text prevails.
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