Hugel has released an ambitious growth goal of achieving 1 trillion won ($885 million) in sales by 2025, a five-fold increase from its current level, through the momentum of a phased entry into China in 2021, and Europe and the United States in 2022, the company’s chief executive Sohn Ji-hoon said in an online conference on Tuesday.
Hugel, the country’s largest botulinum toxin provider, recently won a regulatory nod for its flagship product Letybo (Botulax in Korea) in China, becoming the first Korean license holder in the local botox market.
Sohn said the initial target is to become a botox market leader by taking an over 30 percent bite out of competition in China, which he termed is a blue ocean for botox aesthetics.
Hugel is the new and fourth competitor in China’s botox market which is projected to reach 1.75 trillion won ($1.55 billion) by 2025 with an annual growth rate of about 30 percent.
Letybo will be distributed by China’s third-largest pharma company Sihuan Pharmaceutical under a five-year distribution exclusivity contract. Letybo products will be shipped to Sihuan Pharmaceutical with unit prices set differently for supply volume and Sihuan Pharmaceutical is required to fulfil minimum orders.
Hugel aims to emphasize purity, efficacy and quality of its products manufactured in Korea to lure Chinese consumers who highly value Korean-made brands.
Letybo was approved in Europe in June and additional Phase 3 trials are underway in the U.S.
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]