Taiwan has signed an agreement with the EU which is expected to boost pharmaceutical exports to Europe by NT$6 billion (nearly US$200 million).
The agreement signed on Monday is a bilateral confidentiality agreement with the European Directorate for the Quality Medicine and Healthcare Council of Europe (EDQM). That organization is responsible for testing pharmaceutical ingredients that are imported into the EU.
Taiwan’s health ministry says the pact will make it easier for Taiwanese companies to access information on selling their product overseas. In particular, that information is needed for Taiwanese companies selling active pharmaceutical ingredients (API) which are used in making medicines.
Taiwan’s Food and Drug Administration (FDA) says that certification from the EU will allow local pharmaceutical companies to export their products to more than 50 countries. The FDA says Taiwan’s API exports are likely to grow by 32% to reach NT$13 billion (US$431 million) this year.