Daewoong Pharmaceutical(069620) said on the 30th that it has entered Kuwait with its Botox Nabota. Following Saudi Arabia, the United Arab Emirates (UAE), Türkiye, Qatar, Egypt, and Bahrain, it is supplying products in seven Middle Eastern countries.
In the Middle East, spending power has risen sharply on oil money, but healthcare and beauty have not advanced to match, making the region a new market for Korean drugmakers. In Kuwait alone, the Botox market is worth 24 billion won. With interest in K-culture translating into spending on K-beauty, the company plans to expand its business in the Middle East.
Daewoong Pharmaceutical launched Nabota in 2014 and has posted cumulative sales of 1 trillion won. Nabota is a botulinum toxin, a toxic protein extracted from the botulinum bacterium. When injected into the skin, it paralyzes muscles, temporarily smoothing fine wrinkles.
Daewoong Pharmaceutical will partner with a local company to hold an event in October with 200 attendees, including medical staff, to officially launch Nabota. It plans nationwide sales activities and participation in major academic societies to broaden touchpoints with medical professionals. Yoon Jun-su, head of the Nabota business division at Daewoong Pharmaceutical, said, "We will target the GCC (Gulf Cooperation Council) market."