Sinsin Pharm has become the first Korean health and medical company to enter the U.S. Federal Department of Veterans Affairs procurement market.
Sinsin Pharm said on March 16 that it recently signed an e-commerce contract with the U.S. Department of Veterans Affairs.
Sinsin Pharm, a mid-sized local drug maker with a 60-year history, participated in the "foreign public procurement consulting support project" organized by the Korea Health Industry Promotion Agency and the Ministry of Health and Welfare last year.
Through organic cooperation with KAIST's public procurement research center, a consulting firm, Sinsin Pharm has made inroads into the U.S. federal public procurement market.
Under the deal, Sinsin Pharm has registered some 600 other products, including the Sinsinpas AREX and painkillers, on the U.S. Department of Veterans Affairs and the U.S. General Services Administration e-commerce shopping mall "GSA Advantage."
For the next five years (2020-2025), the company will be able to supply new drug products to all federal agencies, including the U.S. Department of Defense, through e-commerce. The total size of the U.S. public procurement market is said to be around 15 trillion won.
"This project was achieved thanks to supports from the Korea Institute of Health Industry and KAIST,” said Kim Jong-jung, head of Sinsin Pharm's global business division. "Since we signed a long-term contract for more than five years, we expect to achieve remarkable growth in the U.S. government procurement market in the future."
