At the K-Beauty Expo hosted at KINTEX on October 13th, Provision's CEO, Sung Kwon, served as a keynote speaker, delivering an impactful presentation on 'MoCRA: Essential Compliance for U.S. Cosmetic Market Expansion.'
During the session, the focus was on introducing MoCRA Act, the first FDA cosmetics law enacted in 84 years. Kwon engaged with various stakeholders—cosmetic manufacturers, brands, and distributors—who either entered or planned to enter the U.S. market. The discourse centered on preparations and compliance strategies for MoCRA. This opportunity facilitated insightful discussions and strategic insights.
Amidst K-Beauty's global prominence, the Korean cosmetics industry witnessed a surge in new brands, with a keen interest in tapping into the colossal U.S. market. Despite being the last of twelve sessions, contrary to expectations, the audience turnout was significant, showcasing remarkable engagement through note-taking and photography. Notably, foreign buyers were also among the attendees.
Throughout his address and interactions, CEO Kwon emphasized the bolstering of FDA's authority under MoCRA, highlighting post-inspection inspections, recalls, and production suspensions. He stressed the imperative for an enhanced infrastructure to elevate overall cosmetics quality. Additionally, under MoCRA's mandate of designating a Responsible Person ensuring product safety in the U.S. market, he emphasized fostering close collaborations and expertise among manufacturers, brands, and distributors.
Kwon suggested a proactive approach, advocating for gradual readiness through consultations and collaborations with FDA regulatory experts. Post-lecture, the Q&A session with Representative Kwon saw active participation, drawing queries from officials representing key Korean government agencies and manufacturers.
Their feedback underscored the educational value derived from the lecture and recognized the urgent need for internal restructuring to ensure compliance. Collaborative efforts with Provision are underway.
Reflecting on encounters with Korean cosmetic companies and their limited grasp of MoCRA, Kwon expressed concern. He observed a prevalent focus solely on manufacturer and product registration, foreseeing potential harm from future FDA regulations and crackdowns due to this oversight.
Highlighting that MoCRA encompasses more than registration processes, it is poised to significantly impact companies amid evolving FDA regulations. He cautioned that a lack of preparedness might lead to future regulatory challenges.
Recognizing that MoCRA compliance dictates industry soundness and sustainability, Kwon emphasized this shift in perspective as a pivotal first stride toward industry development and a promising future for Korean cosmetic companies.
Provision work professionally while meeting clients' needs.
We will streamline the regulatory processes so that our clients can utilize their time
and money most efficiently.
Experience the best FDA approval directions and solutions!
If you have questions about FDA regulation of Medical devices,
OTC Drugs, Cosmetic or importing of medical devices to the United States,
Please CONTACT US,