Daewoong Pharmaceutical announced on the 26th that it has signed an export contract for "Nabota" worth 34.1 billion won with Colombian pharmaceutical company Valentech Pharma.
Nabota is a botulinum toxin preparation. Botulinum toxin is a toxic protein extracted from the botulinum bacterium that temporarily paralyzes and relaxes muscles to reduce wrinkles and lessen muscle tension.
After entering Brazil, Mexico, and Argentina with Nabota, Daewoong Pharmaceutical has completed this contract in Colombia, strengthening its Latin American business strategy for Nabota. Colombia is the third-largest cosmetic and plastic surgery consumer market in Latin America, following Brazil and Mexico, according to the International Society of Aesthetic Plastic Surgery (ISAPS) 2024 statistics.
Valentech Pharma is a pharmaceutical company with experience in obtaining approvals for numerous rare disease treatments and biosimilars, and is recently expanding into the aesthetic field.
The two companies aim to achieve a 30% market share and rank second in the industry in the Colombian market within five years through localized marketing activities. The top-selling product in the Colombian market is AbbVie Botox.
Yoon Jun-soo, head of the Nabota business division at Daewoong Pharmaceutical, said, "Through this partnership, we have laid the foundation for Nabota's expansion in Colombia, a key cosmetic and plastic surgery consumer market and a recently noted medical tourism destination," and added, "We will quickly introduce Nabota to local medical professionals and consumers in close collaboration with our partner company."
Market research firm Grand View Research forecasts that the Colombian non-invasive cosmetic procedure market will grow from $940 million (approximately 1.3 trillion won) in 2023 to $2.613 billion (about 3.62 trillion won) by 2030, with an average annual growth rate of 15.7%.