Daewoong Pharmaceutical has recently entered the Saudi Arabian market with its botulinum toxin product, Nabota, making it the first Asian firm to introduce such a product in the country.
While Daewoong had previously secured regulatory approvals in the United States, Europe, and Canada, Saudi Arabia’s stringent approval process had long posed a challenge for similar products.
Simultaneously, Hugel has received approval from the United Arab Emirates for its botulinum toxin, Botulax. The company plans to launch the product in April through a strategic partnership with Medica Group.
Medytox, another South Korean firm, has also secured regulatory approval in the UAE for two products in its hyaluronic acid filler series, Neuramis. The company is collaborating with BnD Bio, a local medical license holder, to enhance product recognition and distribution.
Hanmi Pharmaceutical is also expanding into the region, having signed an exclusive licensing agreement with Saudi Arabia’s Tabuk Pharmaceuticals. The partnership will focus initially on exporting specialty drugs for urology and anti-cancer treatments across the Middle East and North Africa.
Market analysts see strong growth potential in the region’s pharmaceutical and aesthetic medicine sectors.
According to Research and Markets, the pharmaceutical market in the Middle East and Africa was valued at approximately $30.8 billion last year and is projected to grow at an annual rate of 6.1 percent, reaching $42.4 billion by 2030.
The demand for aesthetic treatments is also surging.
Saudi Arabia’s beauty and cosmetic surgery market is expected to grow from $7.9 billion in 2023 to approximately $18.8 billion by 2032, according to global research firm Astute Analytica.
Regulatory cooperation between South Korea and the Middle East has strengthened in recent years. Last year, South Korea’s Ministry of Food and Drug Safety signed a memorandum of understanding with the UAE’s Emirates Drug Establishment, marking its third such agreement in the region after similar pacts with Iran and Saudi Arabia.
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