On Thursday, Korea United Pharm announced the strategic meeting held on Monday with representatives of GanEm Pharma, where opportunities for increasing exports were discussed. During the meeting, key executives from both companies, including CEO of Korea United Pharm Kang Duk-yeon and his colleague from GanEm Pharma Tsogtoo Amardelger, reviewed market expansion strategies for key pharmaceutical products, as well as mid-term and long-term cooperation plans.
"In particular, medications such as Alkaphen (acetaminophen), injectable Bondex (ibandronate sodium) for the treatment of osteoporosis, and soft capsules Clanza (aceclofenac), which have anti-inflammatory and analgesic effects, were discussed," noted MiddleAsianNews.
Among the listed medications, expectations are associated with the Alkaphen series, which is expected to enhance the company's competitiveness in the Mongolian market. This year, the launch of a new formula of this medication in Mongolia is planned after its improvement, according to company information.
Korea United Pharm also intends to expand its range of anticancer drugs in the pharmaceutical market of Mongolia.
Currently, the company supplies five anticancer drugs, including injectable Unistin Injection (cisplatin) and Carbotinol Injection (carboplatin), to the Ministry of Health of Mongolia. There are also plans to expand the export of Purinetone tablets (mercaptopurine) to this country. Thus, Korea United Pharm aims to diversify its product range and strengthen its position in the pharmaceutical market of Mongolia.
With a population of about 3.5 million, Mongolia significantly depends on the import of pharmaceutical products. The estimated value of this market is about $197.6 million, with a growing demand for Korean goods. In 2022, the import volume of pharmaceutical products from Korea reached $16.97 million, which is 48.6% higher than the previous year's figures. Korea United Pharm has been exporting to Mongolia since 2003 and has established itself in the local market.
"Mongolia represents an important market where trust in Korean pharmaceutical products and their demand continue to grow," noted CEO Kang. "Based on our many years of experience and partnerships, we plan to accelerate our efforts to capture the Mongolian market by increasing the supply of competitive products."
