South Korea, India, the United States, Japan, and the European Union (EU) have come together to launch an alliance to put joint efforts into building a resilient supply chain in the biopharmaceutical sector, the South Korean presidential office said in Seoul on Thursday.
The inaugural meeting of the Biopharmaceutical Alliance, held in San Diego during the Bio International Convention 2024, the world’s largest biopharmaceutical exhibition, had representatives from government officials as well as bio and pharmaceutical companies from the participating countries, South Korea’s Yonhap news agency reported.
The participants emphasised the importance of a reliable and sustainable supply chain and agreed to coordinate the respective countries’ bio policies, regulations, and research and development support measures. They acknowledged that the production of essential raw materials and ingredients is concentrated in a few countries and agreed to work together to build a detailed pharmaceutical supply chain map.
The alliance was launched in response to the drug supply shortages experienced during the COVID-19 pandemic. South Korea and the US agreed to form the alliance during their dialogue on core emerging technologies in December and expanded it to include Japan, India and the EU, the report said.