South American Deal Korea Agrees to Closer Cooperation in Medical Sector with Brazil, Chile –

27 April 2015

The Ministry of Health and Welfare announced on April 26 that it signed memoranda of understanding with the national health authorities of Brazil and Chile for cooperation in the fields of medical services, medicine manufacturing, and medical equipment supply.

The Brazilian health and medical market is estimated to have reached US$290 billion in 2013, about half of the entire Latin American market. The Hanyang University Medical Center also signed an agreement at this time with the Instituto do Coração da Universidade de São Paulo (INCOR Hospital of the University of Sao Paulo) for joint research on IT-based healthcare.

On April 22, Minister of Health and Welfare Jang Ok-ju visited Chile and discussed Korea’s participation in Chile’s hospital information system modernization project with the Chilean health minister. Estimated to cost 18 billion won (US$16.8 million), this project is to set up systems to allow 150 hospitals in Chile to exchange their data and information.

The Peruvian government recently designated Korea as an Alta Vigilancia Sanitaria, or a Country of High Surveillance. This is expected to shorten the period of examination of medicine exported from Korea to Peru and facilitate Korean pharmaceutical companies’ and medical instrument suppliers’ business in the Latin American country.