Hugel "Challenging 1 Trillion KRW in Sales by 2025"

[Asia Economy Reporter Yoo Hyun-seok] Hugel declared at the JP Morgan Healthcare Conference that it will challenge 1 trillion KRW in sales by 2025 based on global market expansion and portfolio diversification.

Son Ji-hoon, CEO of Hugel, made this announcement on the 13th at 9:30 PM (Korean time) during the 'Emerging Market' track of the 39th JP Morgan Healthcare Conference.

Hugel aims to achieve 1 trillion KRW in sales by 2025 through global market expansion over the next three years. The company has expanded its facilities to prepare for increasing demand. The Hugel factory located in Chuncheon is designed to comply not only with KGMP but also with global regulations such as cGMP and EU GMP. Based on state-of-the-art facilities, it has produced over 10 million vials of botulinum toxin and 12 million syringes of HA filler to date, verifying its quality.

The third botulinum toxin plant, which began construction last year, will start operations in 2023 with an annual production capacity of 8 million vials. The new HA filler plant is scheduled to begin full-scale production in the first half of this year, doubling the production capacity from the existing 4 million syringes annually to 8 million syringes.

Within the next three years, Hugel plans to expand exports of botulinum toxin formulations from 28 countries to 59 countries, aiming to capture 95% of the approximately 5 trillion KRW global toxin market. European approval is expected around mid-year. In the first quarter of this year, the company plans to submit a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA).

Measures to expand market share in China were also announced. In its first year entering the Chinese market, Hugel aims to increase the market share of its botulinum toxin formulation 'Letivo' (Chinese export name) to 10%, and to 30% within three years.

To this end, Hugel plans to establish a training center in China to provide academic education to local medical professionals. Starting with an 'online launch event' scheduled for February 4, the company will conduct various marketing activities including academic events both online and offline in 15 major cities.

Additionally, Hugel stated that it will transform into a company providing 'total medical beauty solutions' through portfolio expansion based on research and development (R&D) capabilities and open innovation.

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