International Conference Hosted to Globalize Korean Medicine

Top Asian pharmaceuticals from Japan, China, Taiwan, Hong Kong, and Vietnam participate.

Representatives of the leading pharmaceuticals from Japan, China, Taiwan, Hong Kong, and Vietnam convened to hear the strategy to globalized Korean Medicine. The conference entitled The 2018 International Conference on Traditional Medicine was hosted by the National Development Institute of Korean Medicine (NIKOM). Held this past July at the Daegu EXPO Center, the conference provided a chance for the speakers from pharmaceutical companies around the globe to present how they manage traditional medicinal products and approach to the international market.

At the conference, NIKOM presented on Modern Project of Korean Herbal Medicine. Based on figures from 2016, the Korean medicinal market stands at 295.9 billion KRW (approx. $263 million USD) with uhwang-cheongsimhwan comprising 21.4% of the market (55.2 billion KRW, approx. $49 million USD). Below this is ssanghwatang at 6.5% (16.6 billion KRW, approx. $14 million USD), galgeuntang at 4.8% (12.4 billion KRW, approx. $10 million USD), socheongryeongtang at 4.2% (10.8 billion KRW, approx. $8 million USD), and eungyosan at 3.6% (9.3 billion KRW, approx. $7 million USD). Director Lee hwa-dong of NIKOM explained, “There are so many different kinds of over the counter (OTC) medications, but it was only just recently that national health insurance upgraded their systems to include Korean medicines, and this is spurring a lot of R&D to diversify herbal medicine formulations.

In 2017, sales for Chinese pharmaceutical company Guangdong Yifang Pharmaceutical Co., Ltd. reached 4.1 billion RMB (approx. 666 billion KRW, approx. $593 million USD), and the company presented on The Single TCM formula granules in today and future. Manager Zhang Bin stated, “Since 1998, we have been exporting to over 30 countries around the world, including America, Canada, Austria, Malaysia, Germany, France, and Switzerland and our sales have exceeded 45 million RMB (approx. $6.5 billion USD).” He continued, “We hope that traditional medicine will be successful in the global market, not only for China’s sake but for human health.”

Hong Kong’s PuraPharm presented on Global Outreach Plan, Use of BigData and Hightech. Vice Chairman Kam Biu Alvin Tsoi explained, “Traditional Chinese medicine is being modernized and there is a push to apply new technology and big data.” He continued, “PuraPharm has attained 70% of market shares in Hong Kong and operates 64 Nongs Clinics to manage everything from patient registration to diagnosis and medicinal production to ensure a nearly 100% automated management system.”

Manager Wen-Ching Hsueh, Manager of Sun Ten Pharmaceutical, presented on ‘Leading Innovation : Sun Ten Global Export status & future strategy’. She mentioned that Sun Ten Pharmaceutical has a wide range of export market including Canada, Japan, New Zealand, United States and Macao, and that granules take about 60% of Sun Ten’s profit. Established in 1991, Sun Ten’s US branch sells Sun Ten’s products as health supplement food, and they present various types of products blending other nutrients such as Vitamin and Mineral.

Kracie Pharma of Japan presented on the Japanese traditional medicine market and the manufacturing process. Vice President of Kracie Pharma Korea Katsuyoshi Fujita said, “The Japanese pharmaceutical market is worth 11.4 trillion JPY (approx. $102 billion USD) according to figures from 2016, and of this is 10.6 trillion JPY (approx. $95 billion USD) in prescription drugs and 800 billion JPY (approx. $7 billion USD) in over-the-counter drug sales.” He asserted, “Traditional medicines comprise about 1.4% of the overall market but this figure will increase with the growing elderly population.”  Aside from this, Quach Thi Ha Van of Thanh Phat Pharmaceutical JSC, Vietnam, presented on new herbal medicine R&D trajectories and global market entry strategies.

K.M.D. Lee Eungse, president of host institution, NIKOM, stated at the conference, “Networks between domestic institutions and top international R&D leaders have been formed, and we are all working to solidify these ties.”  He also added, “In the future we anticipate that the traditional Korean Medicine industry will lead in international competitiveness with this global network.”

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