On Tuesday 11th March 2014, the COFEPRIS, Mexico’s regulatory authority, and the South Korean Ministry of Health and Wellbeing, through their representatives, signed a collaboration agreement on matters of regulatory affairs for drug products, cosmetic products and medical devices.
The Memorandum of Understanding was signed at the COFEPRIS headquarters in Mexico by the head of the COFEPRIS, Commissioner Mikel Arriola, and the Deputy Minister of Health Policy of South Korea, Choi Younghyun. Also present in the meeting were the South-Korean Vice-Minister of Food and Drug Safety, Jang Byungwon, representatives of the Ministry of Foreign Relations and of the pharmaceutical industry of South Korea, and officers of the Mexican Ministry of Health.
The goal of the agreement is to reinforce the technical and scientific cooperation for the benefit of the health of both countries’ populations. The authorities also agreed to work on international cooperation and pharmaceutical innovation to boost their respective economies.
In the occasion, Mikel Arriola stated that to face the challenge of expanding access to more and better healthcare options for Mexicans, the government is broadening its cooperation ties with innovative countries such as South Korea. He highlighted that both countries are committed to investing in more research and development of products in the benefit of human healthcare.
The Minister Younghyun expressed his hope that this agreement will prove fruitful to both countries with regards to healthcare matters, and will strengthen the bilateral cooperation. He highlighted that, thanks to its technologic innovation policy, South Korea can produce drug products and medical devices at very low costs for the local population, which could also be exported to Mexico in an expedite way if the Mexican healthcare system requires them.
The Vice-Minister of Food and Drug Safety of the Asian country, Jang Byungwon, praised the Agreement for Innovation established by COFEPRIS to attract to Mexico, in the short term, the latest drug products for the treatment of severe chronic diseases.
The concrete impact of the encounter in the countries’ relations will remain uncertain until the legal frameworks are modified to include the mutual preferential treatment proposed in the agreement.