△Dalim Biotech's vitamin D product specifically designed to prevent osteoporosis
△Dalim Biotech's tablets of the Vitamin D Product
Korea International Trade Association (KITA) invites tradeKorea buyers to business matching meetings every October to promote exports by Korean manufacturers. Among the invited companies, a buyer from Hong Kong who was keenly interested in Korean pharmaceutical products visited Korea to have meetings with major Korean pharmaceutical companies.
Dalim Biotech was unable to have a meeting with the Hong Kong buyer because the company had an urgent business trip. The buyer had meetings with other Korean pharmaceutical companies and returned to Hong Kong. Through the meetings, the matching manager realized that the product of Dalim Biotech was what the Hong Kong buyer was looking for and suggested that the buyer contact Dalim Biotech via email in November.
The matching manager provided tradeKorea services (VIB) while continuously communicating and having meetings with the buyer. As a result, the manager was able to gain sufficient understanding of not only the buyer’s criteria for choosing products and payment conditions but also the product registration process in Hong Kong, since it is a pharmaceutical product. This way, he relayed the buyer’s demands to Dalim Biotech accurately, thereby ensuring effective communication between them.
The product of Dalim Biotech that the buyer wanted to import was a 1000IU Vitamin D product for the prevention of osteoporosis. One tablet a day is sufficient to produce effects. A Dalim Biotech staff actively engaged in close negotiations over the price, quantity, and batch size by exchanging email messages in real time.
It took two months for all the details of the contract to be finalized. In January 2020, the buyer registered the product with the Hong Kong authority and agreed to a 5-year exclusive contract with Dalim.
In addition, the buyer was placed on the list of buyers eligible for Regular Big Buyer Matching Service and was subsequently matched as well with a Korean pharmaceutical company that produces the ingredients for COVID-19 medicines.
For these reasons, the buyer expressed deep gratitude for tradeKorea’s matching services.
