The Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA) advances the Korean pharmaceutical (pharma) industry production and export growth by championing voluntary standards compliance and a push towards ISO (International Standards Organization) compliance.
Hee-Mok Won, Chairman of KPBMA, indicates that while the expansion of research and development programs within their member companies help those companies stay competitive in the global market, it is the establishment of voluntary ethical standards that are helping ensure both domestic and international recognition that the products are created and distributed in ways that are conducive to fair trade practices.
Further, Mr. Won indicates that as the association works with the industry towards full ISO 37001 compliance, which relates to adhering to a global standard for anti-bribery, this will continue to ensure that Korean pharma companies are considered along with other countries’ companies’ who have already been certified as ISO compliant. The Korean pharma industry now stands as the world’s 13th largest pharma production market and 20th in exports with an increase in production every year except one since 2012.
This push into standards compliance demonstrates a strong nexus between the role associations play in standard setting and building a stronger economy. Through championing both the voluntary standards adoption as well as ISO standards, the association is improving the economic outcome for their member companies, their industry, and the Korean economy in a macro-sense and improving consumer trust in their products and ethical practices within the pharma industry.
Both roles of association management–building stronger economies and developing standards that impact industry and consumers—are key aspects of the global Power of A.