SEOUL, January 30 (AJP) - South Korea's Daewoong Pharmaceutical has signed a 29.5 billion won ($20.5 million) export contract to supply its botulinum toxin product Nabota to Mexico.
With the agreement, Nabota has entered Mexico as well as Brazil, Argentina, Colombia and Chile — the five largest aesthetic and plastic-surgery markets in Latin America, according to the International Society of Aesthetic Plastic Surgery.
Daewoong said it has expanded Nabota’s presence in the region in stages since first entering Panama in 2015, followed by launches in Brazil, Argentina, Colombia, Peru and Chile. The company has signed export contracts in 17 of the region’s 20 countries, with commercial launches completed in 13 markets.
M8, which was selected as Daewoong’s distribution partner for Mexico, has worked with the company since 2018 and previously led Nabota’s launch in Brazil. Daewoong said M8 adopted a differentiated distribution strategy by targeting aesthetic and dental clinics, while also competing in the dermatology and plastic-surgery segment.
The company said the contract size has increased roughly 10-fold in five years since Nabota’s Brazil launch, adding that the two partners recently strengthened their cooperation with a Nabota supply agreement valued at about 180 billion won.
“Mexico is the second-largest aesthetic and plastic-surgery market in Latin America after Brazil, making it a key strategic country in terms of market size,” said Yoon Jun-soo, head of Daewoong’s Nabota business division. “While the frequency of aesthetic procedures per capita remains lower than in South Korea, this points to significant growth potential, particularly in the premium toxin segment.”
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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