[Photo provided by Hugel Inc.]
South Korea`s biopharmaceutical company Hugel Inc. has received marketing authorization of its botulinum toxin type A Letybo 50 for aesthetic use in China, adding another dose to its botox portfolio following 100 Unit in the country, the company said on Friday.
Hugel got the nod to sell Letybo 100 in China last October. With the addition of 50 Unit, the company is better positioned to meet changing customer needs, while competing with rival brands. Rival botox brands in China are Allergan, Lanzhou Institute of Biological Products, and Ipsen.
Hugel is the only Korean botox license holder in China.
China’s botox treatment market is expected to grow to about 1.75 trillion won ($1.58 billion) in value by 2025.
The Korean company said it aims to achieve a 30 percent market share in China within three years to become a leading botox company.
Initial export products were already shipped in December and February. A launching event took place early this month.
Botulinum toxin is a purified bacterial substance that blocks muscle nerve signals. Hugel’s botox products are available in five doses (50, 100, 150, 200, 300 units) in Korea.
By Kim Byung-ho and Minu Kim
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