Daewoong Pharmaceutical said on the 2nd that it will export the diabetes drug Envlo to the Middle East and Africa. Envlo lowers blood sugar by expelling glucose through urine. Daewoong Pharmaceutical plans to use Envlo to target new markets.
Daewoong Pharmaceutical recently signed a contract with Acino to export Envlo to eight countries, including Saudi Arabia, the United Arab Emirates, Egypt and Oman. Acino, an affiliate of healthcare company Arcera, has sales networks in the Middle East and Africa.
The contract is worth 145.2 billion won. Daewoong Pharmaceutical plans to secure marketing authorization for Envlo in Saudi Arabia by this year. Starting next year, the goal is to roll out the product sequentially in major countries in the Middle East and Africa.
According to the International Diabetes Federation, one in six adults in the Middle East and Africa has diabetes. Park Seong-su, CEO of Daewoong Pharmaceutical, said, "The largest contract among Envlo's global export cases," and added, "We will cultivate a blockbuster new drug."