Samil Pharmaceutical secured exclusive rights to sell in Vietnam the postoperative ophthalmic anti-inflammatory and pain treatment APP13007, developed by Formosa Pharmaceuticals.
Samil Pharmaceutical said on the 11th that it signed a license agreement with Formosa through its Vietnam subsidiary for the exclusive distribution and sale of APP13007 in Vietnam. Specific contract terms were not disclosed.
With this agreement, the company expanded its licensing territory to Vietnam following the rights for distribution and sales in Korea.
APP13007 is an eye drop for treating inflammation and pain after ophthalmic surgery, with clobetasol propionate, a steroid with strong anti-inflammatory effects, as the active ingredient. Formosa's nanoparticle formulation technology (APNT) was applied. It has received approvals from the U.S. Food and Drug Administration (FDA) and Health Canada, and is administered twice daily for 14 days.
Samil Pharmaceutical expected that APP13007 could secure competitiveness in Vietnam's growing ophthalmic therapeutics market based on its effectiveness in relieving postoperative pain and suppressing inflammation. According to IQVIA, as of 2024, Vietnam's ophthalmic corticosteroid market is $4.26 million a year (about 6.5 billion won). Vietnam performs about 300,000 cataract surgeries annually, and demand in the related market is growing by around 5% each year.
Heo Seung-beom, CEO of Samil Pharmaceutical, said, "With the domestic exclusive distribution and sales agreement for APP13007 followed by the Vietnam market deal, the partnership between the two companies has strengthened further," and added, "We will systematically pursue approval and launch in Korea and Vietnam to enhance competitiveness in the global ophthalmic market."