Domestic pharmaceutical companies are targeting the Middle East. The Middle East has quickly grown in consumption capacity due to oil money, but medical, beauty, and healthcare sectors have not developed accordingly, making it a new market for domestic pharmaceutical companies. Recently, interest in Korean popular culture has increased, and Korean products are quite popular in the beauty institutional sector.
According to the market research firm Research and Markets, the pharmaceutical market size in the Middle East and Africa is projected to grow from $30.8 billion (43 trillion won) last year to $42.4 billion (59 trillion won) by 2030. A pharmaceutical industry official noted, "As interest in K healthcare and healthcare is increasing, entering the Middle East could be a way to overcome domestic stagnation."
In the Middle East, the wrinkle improvement agent botulinum toxin is gaining significant popularity. Botulinum toxin is derived from extracting toxic proteins from the botulinum bacterium. When injected into the skin, it temporarily paralyzes the muscles, smoothing out fine lines.
Last month, Daewoong Pharmaceutical signed a contract to export the botulinum toxin "Nabota" to Kuwait. The goal is to launch in the first half of next year. Including Nabota's entry into Qatar at the end of May, it has now entered five Middle Eastern countries. Daewoong Pharmaceutical aims to strengthen its competitiveness in the Middle Eastern market based on high-purity products.
Nabota's sales in the first half of this year reached 115.4 billion won, a 28% increase compared to the same period last year. Nabota received approval from the U.S. Food and Drug Administration (FDA) in 2019 and was launched in the United States under the name "Jeuveau," capturing a 14% market share. Nabota signed contracts to export to Brazil worth 180 billion won in February and to Thailand worth 73.8 billion won in June for five years.
HUGEL showcased its botulinum toxin "Botulax" in Dubai, United Arab Emirates, last May. When it introduced the product on a yacht, 180 local dermatologists and plastic surgeons gathered. Dubai attracted 674,000 medical tourists in 2022. It has emerged as a medical hub, with concentrations of dermatology, ophthalmology, and orthopedics. A HUGEL representative stated, "Demand for aesthetics is steadily increasing."
Fillers that improve skin elasticity are also popular. Medytox announced last October that it received licenses for two types of hyaluronic acid fillers (Neramis Deep Lidocaine and Bulrom Lidocaine) from the United Arab Emirates health authorities. Hyaluronic acid is a component found in the skin, cell membranes, and cartilage. It helps retain moisture by attracting a significant amount of water relative to its weight. A company representative said, "K-beauty is popular in the Middle East," adding, "We will accelerate product entry based on these licenses."
Domestic new drugs and health check-up services are also gaining attention. HK inno.N will export its gastroesophageal reflux disease treatment drug K-Cab to Saudi Arabia, the United Arab Emirates (UAE), Egypt, and 16 other countries in the Middle East and North Africa. It was previously exporting to ten Middle Eastern countries and added six North African countries in June. Local sales are handled by the Saudi pharmaceutical company Tabuk Pharmaceuticals.
K-Cab is Korea's 30th new drug, launched in 2019. It suppresses gastric acid secretion. With a quick effect and convenient dosage, it is referred to as a third-generation stomach medication. As of the first half of the year, it has entered 53 overseas countries, with a goal of expanding to 100 countries by 2028.
GC Genome has been providing health check-ups in Qatar since September last year. At the Korean Medical Center (KMC) in Qatar, it conducts intestinal microbiome tests, oral bacterial gene analyses, and multi-cancer early screening tests. The Korean Medical Center collaborates with domestic hospitals, dental clinics, and plastic surgery clinics to provide K healthcare services. GC Genome aims to capture the demand for medical tourism in the Middle East.