As a key participant, REACH24H Korea delivered an engaging and informative session right after keynotes from Korean government authorities, the Ministry of Health (MoH), and the Ministry of Food and Drug Safety (MFDS), focusing on the intricacies of the American and Chinese cosmetic market and the importance of understanding the regulatory landscape for successful market entry.
Our expert speaker, Seongmin Sohn (Mike), captivated the audience with their expertise and insights, shedding light on the compliance requirements, safety management, and key points for cosmetic products, he especially focused on the newly released regulation in the U.S., the MoCRA and CSAR, especially including the full version of cosmetics safety assessment report preparation and the latest updates on the regulatory compliance strategy.
With a focus on staying up-to-date with regulatory developments and addressing compliance challenges, Mike shared their extensive knowledge and experience. He highlighted for China regulatory updates on the latest movements of NMPA on this implementation and recent NCI notification status and know-how of REACH24H, who has the most cases completed for the service. In addition, Mike demonstrated K-Beauty export statistics for 2023 and 2024 showing how the U.S. market has been rapidly growing in the demand for Korean products. New US cosmetics regulation, known as MoCRA will come into effect on July 1st, 2024, Mike also introduced the overview of the whole regulation structure and how the industry should react. This speech provided attendees with invaluable insights and practical guidance to navigate global regulatory frameworks and maximize market access opportunities.
Mike highlighted, “ The demand for K-Beauty in the global market is stronger than ever before as evident from the monthly export statistics.” He concluded by stating, “China and the US are the top two markets that we need to keep a close eye on for this year’s major regulatory changes, as they might have a great impact on future exports.”
The participation of REACH24H in the 2024 Cosmetics Industry Policy Forecast Seminar, a government-supported event, reinforces our commitment to supporting the cosmetics industry with comprehensive regulatory solutions and strategic guidance. Our team remains dedicated to staying at the forefront of regulatory trends, empowering companies to achieve compliance, ensure consumer safety, and thrive in the competitive global market.
For more information about REACH24H and our range of regulatory consulting services, please contact us at customer@reach24h.com.
