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| Daewoong Pharmaceuticals expands entry to new markets with license in Mexico and India on Nabota | |||
| Date | 2016-09-22 | Hit | 22386 |
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Daewoong Pharmaceuticals expands entry to new markets with license in Mexico and India on Nabota Aiming to release Nabota in local markets by 2017… Plans to disseminate K-Beauty in emerging markets Making efforts to expand markets by acquiring clinical trial approval on eye wrinkles and blepharospasm  On September 21, Daewoong Pharmaceuticals announced their acquisition of approval Nabota, a botulinum toxin medicine developed by Daewoong, in Mexico and India and their plan to disseminate K-Beauty in emerging markets. Mexican and Indian markets are highly potent ones for botulinum toxin and Daewoong Pharmaceuticals is aiming to release their product in local markets by 2017. Daewoong Pharmaceuticals already entered 6 South American countries, incl. Panama and Guatemala. With Mexico as no. 7 the company plans to further focus on the South American markets. The Mexican botulinum toxin market is the second largest in South America after Brazil and is increasing by 10% every year in line with their economic growth and increasing number of plastic surgeries. Daewoong Pharmaceuticals is aggressively tackling the Indian market, having built a local corporation. Currently, India is the fifth largest botulinum market in Asia and considering their massive 1.2 billion population, it is a promising market for the future. There are already over 700 billion won export contracts for Nabota with 60 countries. Released in Korea in 2014, Nabota was release in Asia and South America. It is to be release in the US by 2018. The director of Nabota Operation, Seongsu Park said, “Nabota continues to make steady sales in initially released countries like Thailand and Philippines and its overseas sales will accelerate even faster with our acquisition of approval in Mexico and India. We will build a global brand name by releasing Nabota to the remaining major countries around the world.” Daewoong Pharmaceuticals is also focusing on expanding indications of Nabota. Starting with glabella wrinkle improvement and stiff arm muscle indications after a stroke, they are focusing on expanding indications by requesting additional clinical approval from the Ministry of Food and Drug Safety for eye wrinkles and blepharospasm.
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