Samil Pharmaceutical is teaming up with a local ophthalmology-focused drugmaker that supplies eye drops to major U.S. distribution networks to target the North American market.
The company said on the 22nd that it signed a memorandum of understanding (MOU) with KC Pharmaceuticals to cooperate on entering the North American market.
KC Pharmaceuticals is a drugmaker based in Pomona, California, founded in 1987. As a corporations specialized in manufacturing eye drops and contact lens care products, it is considered one of the largest private-label (PB) eye drop manufacturers in North America.
The company supplies dry eye treatments, artificial tears, redness relievers, and allergy eye drops to major U.S. mass retail and pharmacy chains, including Walmart, CVS, Walgreens, Target, and Kroger.
Through this agreement, Samil Pharmaceutical plans to prioritize discussions on North American distribution of its eye drop "i2o mini." The two sides also agreed to review potential collaboration in various areas, including product supply, local commercialization, distribution, and business development (BD).
In particular, they plan to discuss medium- to long-term cooperation measures, such as market expansion strategies and building a local commercialization base, leveraging networks and business infrastructure in North America.
Samil Pharmaceutical also said it is accelerating efforts to obtain certification under the U.S. Food and Drug Administration's current good manufacturing practice (cGMP) standards.
A company official said, "We are continuously seeking global cooperation opportunities to expand in the North American market," and added, "Based on this collaboration, we plan to actively push to strengthen global business competitiveness and expand overseas markets."