Daewoong Pharmaceutical announced on the 14th that it has signed an export contract for 180 billion won worth of botulinum toxin 'Nabota' with its Brazilian local partner Moksha8.
The contract period is 5 years, which is ten times the size of the first export contract (18 billion won) signed with Moksha8 in 2018.
Botulinum toxin is a protein extracted from the food poisoning bacterium Clostridium botulinum, which causes muscle paralysis, reducing muscles and smoothing wrinkles.
Brazil is the third largest cosmetic medical market in the world, following the United States and China, and is the country where botulinum toxin is sold the most in Latin America. According to market research firm Mordor Intelligence, the Brazilian toxin market is expected to grow at an annual rate of around 9.7%, with the local market size projected to reach approximately $22.8 million (about 33 billion won) this year.
The partner company Moksha8 launched Nabota in Brazil for the first time in 2020. It has successfully expanded its market share through niche marketing, focusing on the rapidly growing dental and aesthetic hospitals instead of the already heated dermatology and plastic surgery markets.
Starting this year, it plans to strengthen its strategy in Brazil, the largest market in Latin America, by promoting the 200 unit capacity product line that received new item approval last month.
Yoon Jun-soo, head of the Nabota business division at Daewoong Pharmaceutical, said, 'This contract is the largest since Nabota's entry into Latin America,' adding, 'It shows Nabota's status and quality competitiveness in the global toxin market, and we will actively target major Latin American countries such as Brazil, Argentina, Chile, and Peru.'
Nabota has entered major South American markets such as Argentina, Chile, and Peru. It has obtained product approval in 69 countries worldwide and has established partnerships in over 80 countries.