Hugel Obtains Chinese Approval for Botulinum Toxin Product... "Aiming for Market No.1 Within 3 Years"

[Asia Economy Reporter Hyunseok Yoo] Hugel announced on the 23rd that it has become the first domestic company to receive sales approval from the China National Medical Products Administration (NMPA) for its botulinum toxin formulation (export name ‘Retivo’).

The Chinese botulinum toxin market, estimated to reach approximately KRW 1.75 trillion by 2025, is considered one of the Big 3 markets following the US and Europe. Despite continuous economic growth, high interest in beauty, and a large population, the experience rate of botulinum toxin products in China is only 1%, and only Allergan’s ‘Botox’ and Lanzhou Institute’s ‘BTX-A’ products are officially sold. Therefore, it has been recognized as a key market for domestic companies aiming to become global enterprises and expand overseas sales.

Hugel’s botulinum toxin formulation was first launched in the domestic market in 2010 under the product name ‘Botulax.’ Since then, it has been recognized for its excellent product quality and safety, establishing itself as the number one product with over 40% market share domestically. Based on the proven product excellence in the domestic market, clinical phase 3 trials in China began in 2017, demonstrating non-inferiority in efficacy and safety compared to Allergan’s ‘Botox’ in 500 subjects. Following the completion of phase 3 trials in 2018, the company completed the application for sales approval in China in April last year.

Prior to this, Hugel signed a partnership with Sahuan Pharmaceutical, the third-largest pharmaceutical company in the local hospital drug market, to quickly establish itself in the Chinese market and conducted pre-marketing activities even before approval. Utilizing Sahuan Pharmaceutical’s extensive distribution network of approximately 10,000 hospitals and medical institutions and optimized distribution strategies for the local market, Hugel plans to launch full-scale marketing activities to expand market share.

Additionally, customized marketing considering regional trends will be carried out mainly in major Chinese cities such as Beijing, Shanghai, Shenzhen, and Guangzhou. Hugel is also preparing multifaceted academic activities targeting Chinese doctors and stakeholders, including introducing ‘H.E.L.F,’ a representative domestic beauty and plastic surgery academic symposium, to the local market. Based on this, the company aims to achieve a 30% market share and become the market leader within three years of launch.

A Hugel official stated, “With the proven excellence of our product, procedure-related academic education, and competitive pricing compared to the local market, we will establish ourselves as the number one botulinum toxin product in China within three years of launch.” He added, “Starting with this approval in China, we will make every effort to grow into a global leading company by entering the European market in 2021 and the US market in 2022.”

This content was produced with the assistance of AI translation services.