May 16, 2019 08:21
Korea has been added to the EU's drug whitelist, a move that is expected to boost the country's pharmaceutical exports.
The European Council reached the decision on Tuesday, about four years after Seoul applied in early 2015. It certifies that Korea's medicine-related manufacturing and supervision standards comply with those of the EU.
The move is expected to streamline the process of exporting pharmaceuticals to the European market, which accounts for 31 percent of Korea's pharmaceutical exports.
The Ministry of Food and Drug Safety believes it will reduce the export process by up to four months.
Korea is the seventh country to be placed on the whitelist. The others include Australia, Brazil, Japan and the U.S.
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