Seoul, May 7
The Korea Biotechnology Industry Organization (KBIO) on Wednesday said it has requested the US to exempt South Korea from the Donald Trump administration's plan to impose tariffs on pharmaceutical imports.
KBIO said it submitted such an opinion formally to the US Department of Commerce on Tuesday (US time) regarding an ongoing investigation under Section 232 of the Trade Expansion Act, which is examining the national security implications of pharmaceutical imports, news agency reported.
Washington launched the probe on April 1 and has sought public input from stakeholders. US President Trump has said he will announce tariff measures on pharmaceuticals in the coming weeks.
The organisation emphasised that South Korea is a reliable partner in the US pharmaceutical supply chain and plays a key role in making high-cost prescription drugs more affordable.
Citing recommendations by the US National Security Commission on Emerging Biotechnology last month, the South Korean bio trade group noted that the commission had stressed the importance of collaborating with allied countries to stabilise the pharmaceutical supply chain.
KBIO stressed that South Korea is already contributing to the US drug ecosystem through new drug development and contract manufacturing.