Latvia and South Korea strengthen ties in biomedical and pharmaceutical industries
Latvia and South Korea strengthen ties in biomedical and pharmaceutical industries
Latvia and South Korea strengthen ties in biomedical and pharmaceutical industries
In 2023, eight Latvian company representatives and the Minister of Economics of Latvia visited Bioplus-Interphex, the bio-pharmaceutical exhibition in South Korea, establishing closer ties between the two countries’ biomedical, medical technology, and pharmaceutical industries. Ties that are growing in strength through signed memoranda of understanding (MOU), joint events, and fruitful business partnerships.
Several South Korean companies – Dong-A ST, Kolmar Korea, and Prestige Bio – have already been conducting clinical trials in Latvia.
They join numerous international pharmaceutical and biomedical companies that have already recognized Latvia’s potential and are expanding operations in the country, leveraging its established infrastructure, skilled workforce, and industry expertise dating back to the 19th century. China’s MGI, for example, opened a research and development and manufacturing facility in Latvia, and, in 2023, pharmaceutical giant Roche also expanded its presence in Riga with the addition of a global business services center in the city.
On the occasion of the Latvian side’s official visit to South Korea in 2023, the Latvian Association of the Latvian Chemical and Pharmaceutical Industry (LAKIFA) and the KoreaBio association signed an MOU on collaboration in the biomedical sector, and the Investment and Development Agency of Latvia (LIAA) began talks with Eugene Investment & Securities, the full-service securities company, on the creation of a new investment fund.
“This agreement is an important step towards the establishment of a bio industry ecosystem between Korea and Latvia” said Koh Kyung-mo, CEO of Eugene Investment & Securities, and added, “Eugene Investment & Securities will support the growth of the bio industry in both countries and actively contribute to the innovation of the global bio industry ecosystem.”
Many further developments have happened since then, reinforcing the relationship between Latvia and South Korea.
The pharmaceutical manufacturer Grindeks, for example, has opened a representative office in South Korea, and Latvia’s Pauls Stradiņš Clinical University is engaged in talks with Seoul National University about collaborating in research and the founding of an innovation center.
To further strengthen the ties between the pharmaceutical, biomedical, and medical technology sectors in Latvia and South Korea, an official visit to South Korea took place on 24-30 November, 2024 with the participation of the President of Latvia, Mr Edgars Rinkēvičs. During the visit, participants got to know and learn from the experience of South Korea’s CJ Bio, PharmCadd, and Seegene, for example, and two companies – Latvia’s AE Risinājumi and Korea’s Plagen – signed another MOU to encourage further collaboration.
It will be interesting to see how such partnerships continue to boost the two countries’ trade relations. Trade between the two countries has already increased five times in the last 10 years, reaching 130 million euros!
Sohn Kyung-sik, Chairman of the Korea Enterprises Federation, believes that the two countries have world-class capabilities in the fields of biotechnology and defense, respectively, and that the potential for cooperation is limitless.
Exciting times ahead for the pharmaceutical and chemical industries in Latvia
Latvia has much to offer, with the chemical and pharmaceutical sectors ranking fourth among all manufacturing industries in terms of exports and fifth by turnover. Pharmaceutical exports alone make up 27% of total industry exports, generating a turnover of 240 million euros in 2023! These impressive figures are fostered by over 500 companies, such as the experienced pharmaceutical producers Grindeks, Olpha, and Silvanols, and the country’s universities nurturing future specialists. Latvia is already a popular choice for medical students from countries including Germany, Sweden, and Uzbekistan.
Additionally, Latvia’s research facilities are strengthening the industry on a local, regional, and global scale. The award-winning Institute of Organic Synthesis (OSI) focuses on organic chemistry, pharmaceutical research, molecular biology, and bioorganic chemistry, while the Latvian Biomedical Research and Study Center (BMC) specializes in molecular medicine, molecular ecology and biosystems, biotechnology and structural biology. Together with four other partner organizations, the OSI and BMC recently established the BioMedPharm consortium, founded to enhance patient access to treatment by focusing on developing medicinal products and their manufacturing technologies, transport forms, vaccines, drug repurposing, drug discovery and development, as well as identifying new biomarkers and precision medicine solutions.
It’s truly an exciting time for the biomedical and pharmaceutical industries in Latvia as they expand their global reach. One opportunity to get acquainted with key local players and get a sense of the industries’ strengths is to join the annual Precision Medicine Network Forum. The 2024 edition welcomed 600 participants from 31 countries, and the 2025 event is scheduled for 9-10 October in Riga.
