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Hugel Inc. has forged a distribution partnership with Sihuan Pharmaceutical for its Letybo botulinum toxin product after becoming the first South Korean brand approved to enter the Chinese market.
China’s National Medical Products Administration recently approved Hugel's Letybo for local sales.
Sihuan Pharmaceutical, which has a network of over 10,000 hospitals and medical institutions, will expedite Hugel's entry into the Chinese botox market.
Hugel hopes to take a 30 percent share within three years of the product launch and is aspiring to become the top botox brand in the country.
The South Korean biopharmaceutical firm is also eyeing to enter the European market in 2021 and the US market in 2022.
The market is estimated to be worth 1.75 trillion won by 2025.
Hugel is now one of the four companies, including US’ Allergan, French company Ipsen’s Dysport, and Chinese company Lanzhou Institute of Biological Products’ Hengli, authorized to trade in the Chinese botox market.
Due to its continued economic growth and increasing attention for beauty and appearance, China is expected to have increased demand for BTX products.
