"Targeting Latin America" Daewoong Pharmaceutical, Nabota Export Contract with Colombia Worth 34.1 Billion Won

[Financial News] Daewoong Pharmaceutical announced on the 26th that it has signed a Nabota export contract worth 34.1 billion won with Colombian pharmaceutical company Valentec Pharma.
According to the International Society of Aesthetic Plastic Surgery (ISAPS) last year, Colombia is the third largest cosmetic and plastic surgery market in Latin America, following Brazil and Mexico. It is considered a market with great growth potential for non-invasive procedures such as botulinum toxin. According to market research firm Grand View Research, the Colombian non-invasive cosmetic procedure market is expected to grow at an average annual rate of 15.7%, reaching 2.613 billion dollars (approximately 3.62 trillion won) by 2030 from 940 million dollars (approximately 1.3 trillion won) in 2023.
The two companies aim to achieve a 30% market share and 2nd place in the industry within 5 years in the Colombian market through tailored local marketing activities for Nabota. Nabota has confirmed its efficacy through equivalence comparison clinical trials with AbbVie's Botox, which holds the top market share locally. It is a product recognized by major global regulatory agencies such as the U.S. Food and Drug Administration (FDA), European Medicines Agency (EMA), and Health Canada.
Yoon Jun-su, head of Daewoong Pharmaceutical's Nabota Business Division, said, "We have established a foundation for expanding Nabota in Colombia, a major cosmetic and plastic surgery market in Latin America and a recently noted medical tourism destination," adding, "We will strive to quickly introduce Nabota to Colombian medical professionals and consumers based on close cooperation."

kaya@fnnews.com Choi Hye-rim Reporter