JETEMA(216080), a corporations specializing in hyaluronic acid fillers and botulinum toxin, is moving into the obesity, presbyopia, and hair loss treatment markets, where it can use the existing cosmetic and plastic surgery distribution network as is. The strategy is to maximize corporate value by minimizing the astronomical expense of building a new sales network while preempting the high value-added, nonreimbursable market whose main customer base overlaps.
Nam Jeong-seon of JETEMA released the new vision "Beyond Aesthetic" at the 17th anniversary ceremony on the 16th and, immediately after, met with ChosunBiz to outline this new-business roadmap.
JETEMA has grown with its filler brand "Epitique" and botulinum toxin as core products, and its filler business currently accounts for more than 60% of sales. This sales structure has been cited as a factor limiting the company's long-term growth in the increasingly competitive domestic cosmetic and plastic surgery market environment.
JETEMA chose obesity, presbyopia, and hair loss as alternatives because these areas fall within the same "nonreimbursable beauty and wellness" ecosystem as the company's existing business.
Nam said, "Customers who pay for procedures to improve skin elasticity or wrinkles are also very interested in weight loss, preventing age-related vision decline, and hair volume management," adding, "All we need to do is layer new product lines onto the hospital and clinic sales network we have built, so we determined we can generate sales quickly without spending enormous distribution network expense."
Nam emphasized, "In particular, the nonreimbursable market is completely different from the reimbursable market in distribution methods, including academic seminars for physicians, brand building, and consumer sales, so existing pharmaceutical companies face high entry barriers," adding, "JETEMA is confident, having accumulated 20 years of experience in this market."
◇ From daily and weekly injectables to pills... three-track plan for obesity drugs
The obesity drug market will be approached in three directions. The first to show visible sales will be a daily self-injected liraglutide generic. It is planned for release within the year through a contract with a domestic pharmaceutical company.
Nam explained, "Unlike weekly injectables, daily dosing has the advantage of being able to immediately stop treatment to manage adverse reactions if they occur," adding, "We will first target patients struggling with side effects from existing semaglutide (Wegovy/Ozempic ingredient) therapies and those seeking short-term weight loss."
The semaglutide generic in a weekly injectable formulation, which will be the flagship product, is under introduction talks with two Indian pharmaceutical companies as partner candidates.
Nam said, "We have asked the Ministery of Food and Drug Safety to conduct a gap analysis of the approval requirements for the two candidate products to verify which partner can proceed more quickly with domestic approval," adding, "Once the partner is finalized, we plan to officially launch in the domestic market in 2028, when the original developer's patent expires."
An oral pill-type obesity drug is also under introduction talks by expanding collaboration with these semaglutide generic partner candidates. Nam said, "We will preemptively secure even the pill formulation, but instead of spending astronomical direct research and development (R&D) expense, we will take a pragmatic approach through open innovation by introducing products from verified partners."
◇ Pioneering ophthalmology with "hyaluronic acid DNA"... "Sales to materialize next year"
Among the new businesses, the area expected to generate sales first is a presbyopia-improving eye drop. JETEMA will introduce an improved drug from a domestic pharmaceutical company that has enhanced the efficacy of a global pharmaceutical company's product. It is currently awaiting product approval from the Ministery of Food and Drug Safety.
Nam said, "Approval could come as early as the end of this year," adding, "Entering the market around the same time as the liraglutide generic, it is expected to drive initial nonreimbursable sales."
The reason JETEMA can move quickly into ophthalmology lies in the raw material similarity with its existing cosmetic surgery business. Hyaluronic acid, the key component of fillers, is also widely used as a raw material in ophthalmic surgical aids and dry eye treatments. In fact, Nam and other founding members have built relationships over years with the ophthalmology community and specialists by developing hyaluronic acid-based ophthalmic agents since their days at Humedix.
Nam added, "Ophthalmology hospitals and clinics that actively perform multifocal cataract surgeries engage in vigorous nonreimbursable marketing similar to cosmetic dermatology, so the sales approach is very similar," adding, "We will target the market by linking our own sales force with ophthalmology-focused contract sales organizations (CSOs) and sales collaborations with other small and midsize pharmaceutical companies."
◇ "Reviewing global phase 3 candidates… aiming for launch in 2029–2030"
The hair loss treatment market will be approached with an emphasis on long-term safety verification rather than short-term results. Nam predicted, "Just as the obesity drug market rapidly expanded with the discovery of ingredients delivering specific effects, the hair loss market will also grow explosively once the safety of substances with clear therapeutic effects—such as JAK (Janus kinase) inhibitors that modulate immune responses to prevent hair shedding—is fully proven."
Based on Nam's expertise as a pharmacy major, strict criteria are being applied to product introduction. Three overseas candidate substances currently in global phase 3 trials are being compared and analyzed, and among them, the drug scoring highest in efficacy and side effects will be selected for launch in Korea in 2029–2030.
◇ Starting M&A to target 1 trillion won in sales... "Acquire a small or midsize drugmaker for synergy"
Nam set a goal of achieving 1 trillion won in sales in 2030 and brought out mergers and acquisitions (M&A) as the strategy to achieve it.
Nam explained, "We are pushing to acquire a small or midsize pharmaceutical company equipped with facilities to produce injectables," adding, "Combining the acquired company with JETEMA's nonreimbursable marketing capabilities is the fastest path to growth."
Regarding market concerns about funding, Nam assessed, "Amid recent price cuts for National Health Insurance-reimbursed drugs, acquisition expense for small and midsize pharmaceutical companies on the market has dropped significantly." On the new businesses being pursued, Nam dismissed concerns, saying, "They do not entail large expense because there is no massive investment such as building new plants."
JETEMA previously raised 30 billion won by issuing convertible bonds and convertible preferred shares. In addition, it plans to secure another 33 billion won by selling its Pangyo headquarters and leasing it back, for a total of 63 billion won in funding. The explanation is that this capital will enable repayment of short-term debt and completion of building new sales networks.
Nam also projected improvements in existing business performance. Nam said, "The botulinum toxin business has completed phase 2 clinical trials in the United States and is preparing for phase 3," adding, "Although expenditure on U.S. clinical expense temporarily weighed on the stock price, performance will gradually improve as global exports begin in the second half of this year to countries including Thailand, and next year's sales in China are reflected."