Forum held with SFDA chief to explore entry opportunities for Korean biotech and medical device firms

Hisham Alzaydai, head of Saudi Arabia's Food and Drug Authority, second from right, delivers welcoming remarks at the Korea-Saudi Arabia forum held Tuesday morning at Kiwoom Securities' headquarters in Yeouido, Seoul. [Kiwoom Securities]
Hisham Alzaydai, head of Saudi Arabia's Food and Drug Authority, second from right, delivers welcoming remarks at the Korea-Saudi Arabia forum held Tuesday morning at Kiwoom Securities' headquarters in Yeouido, Seoul. [Kiwoom Securities]

Kiwoom Securities has invited the head of Saudi Arabia's Food and Drug Authority to Seoul to help domestic biotech and healthcare companies break into the Saudi market.

The brokerage said Wednesday it hosted a Korea-Saudi Arabia forum at its headquarters in Yeouido's TP Tower on Tuesday, with Hisham Alzaydai, chief of the Saudi Food and Drug Authority, as the guest of honor. The SFDA is a Saudi government agency that oversees the safety and quality of food, pharmaceuticals and medical devices, performing a role similar to that of South Korea's Ministry of Food and Drug Safety.

The forum was organized to expand cooperation between the two countries' biotech and healthcare industries and to explore market-entry opportunities for Korean companies. Saudi officials, including Saed Almadani, commercial attaché at the Saudi Arabian Embassy in Seoul, attended alongside representatives of domestic firms.

Participants shared examples of Korea-Saudi cooperation and examined the SFDA's regulatory framework and market-entry requirements. A question-and-answer session focused on key considerations for Korean companies looking to enter the Saudi market.

Kiwoom Securities' research center provided analysis of the local market and industry outlook. Analyst Heo Hye-min, who covers pharmaceuticals and biotech, outlined changes in South Korea's biotech industry environment, the sector's future outlook and Saudi Arabia's strategy for developing its own biotech industry. Analyst Shin Min-su, who covers medical devices, analyzed trends in the medical device sector and opportunities for entering the Middle East market.

Kiwoom Securities said it hopes the forum will help domestic companies gain a clearer picture of Saudi Arabia's regulatory environment and industrial development direction, and translate that understanding into concrete business opportunities.

"It is important to analyze the global industrial environment and policy shifts in key markets and deliver useful information to investors and companies," a Kiwoom Securities official said. "We will continue to draw on our research capabilities to provide analysis that helps Korean companies understand opportunities in global markets."

Kiwoom Securities is also pursuing initiatives to connect domestic biotech companies with investors. In July, it co-hosted a Bio Innovation Day with Hanmi Pharm, introducing the technologies of Korean biotech ventures to investors and exploring opportunities for business collaboration.


kacew@heraldcorp.com