NewMeco Obtains Approval for Botulinum Toxin Product "Newlux" in the Dominican Republic
Accelerating Expansion into the Central and South American Market
Medytux's affiliate, NewMeco, announced on the 18th that it has obtained product approval for its botulinum toxin formulation "Newlux" from the Directorate General of Drugs and Pharmacies (DGDF) in the Dominican Republic.
The Dominican Republic is one of the major countries in Central and South America, where public interest in beauty is increasing, driven by high economic growth rates and rising income levels. According to market research firm Data Bridge Market Research, the Dominican Republic's aesthetic and plastic surgery device market was estimated at approximately 13.2 billion US dollars (about 19 trillion Korean won) last year and is expected to grow at an average annual rate of about 9% through 2032. In particular, the spread of Korean Wave content is also driving up demand for Korean botulinum toxin products.
Medytux plans to leverage its local network and marketing expertise, accumulated through the launch of its botulinum toxin product "Meditoxin" in 2015 and hyaluronic acid filler "Neuramis" in 2016, to achieve rapid market entry for Newlux.
A NewMeco representative stated, "With our entry into the Dominican Republic, which has high growth potential, we expect our presence in the Central and South American market to expand rapidly. We will continue to pioneer new markets in Europe and Asia as well, further strengthening our brand power in the global market."
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Meanwhile, Newlux is a next-generation botulinum toxin product that applies the latest manufacturing processes to improve production yield and quality. It has obtained approval in five countries: Peru, Thailand, Georgia, Bolivia, and Moldova, successfully entering the European, Central and South American, and Asian markets. The company is also pursuing market entry in Brazil and China by signing supply agreements with local partners.
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