Daewoong Pharmaceutical said on the 14th that it signed an additional export contract for its diabetes treatment Envlo with eight countries in Latin America. The size of the new deal is 33.7 billion won, bringing the cumulative total, including existing contracts, to 143.3 billion won.
Daewoong Pharmaceutical, in partnership with Moksha8, signed additional supply contracts with eight countries—Ecuador, Costa Rica, Guatemala, Nicaragua, Honduras, Panama, the Dominican Republic, and El Salvador—following Brazil and Mexico. With this, Envlo has secured a sales foothold in 10 Latin American countries.
Latin America is cited as the fastest-growing region in the world for the diabetes treatment market. According to IQVIA, a pharmaceutical market research firm, the Latin American diabetes treatment market is about 8.2 trillion won this year. In particular, the SGLT-2 inhibitor market more than doubled, from about 860 billion won in 2022 to 1.85 trillion won in 2024.
Daewoong Pharmaceutical expects that, with this contract strengthening its position in the Latin American market, the company's "global one product, 1 trillion won (1 trillion won in sales per item)" strategy will also gain momentum. It plans to push ahead step by step with entry into other emerging markets, including the Middle East and Africa.
Envlo is the 36th domestically developed new drug and Korea's first SGLT-2 inhibitor class diabetes treatment. The drug lowers blood sugar by preventing glucose and sodium from being reabsorbed in the kidneys, causing them to be excreted in urine. It is assessed as a treatment that can help not only with blood sugar control but also with blood pressure, kidney, heart, and weight management.
Park Seong-su, CEO of Daewoong Pharmaceutical, said, "This contract is an important milestone for Envlo as a domestically developed new drug to expand its presence in the global market," adding, "We will expand into regions including the Middle East and Africa to achieve the 'one product, 1 trillion won' goal and leap forward as a global leading pharmaceutical company."