A patient receiving an injection of botulinum toxin (Courtesy of Getty Images)
South Korea is ramping up exports of botulinum toxin to the US and China, the world’s two top consumers of the neurotoxin protein, with its price competitiveness and proactive marketing to young generations.
Korea’s export of the toxin, which is used to prevent a muscle for a limited period, to the US and China for the first quarter jumped 44% on-year to $31 million, according to Korea International Trade Association (KITA) on Sunday.
In March, the exports to the US skyrocketed 178% to $8.3 million as the Korean botox has built a strong reputation over the past several years and the marketing strategy for US millennials and Gen Z has worked, industry sources said.
Korea’s top makers of botox, Daewoong Pharmaceutical Co., Hugel Inc. and Medytox Inc., are set to spur exports by launching new products and expanding their presence in the US, China, Saudi Arabia and Southeast Asia.
Daewoong is the first Asian company that has won the US Food and Drug Administration for its botox. The drugmaker in 2019 launched its botox Jeuveau in the US, the world’s largest botox market with around 6 trillion won ($4.4 billion) as of end-2023, through a partnership with California-based neurotoxin supplier Evolus Inc.
Jeuveau’s market share in the US surpassed 10% last year thanks to rising demand from young customers, according to Daewoong. Evolus’ marketers, who previously worked for luxury fashion and beauty brands, are actively promoting the botox product on social media such as Instagram to attract those in their 20s and 30s.
Medytox’s Newlux, a botox excluding ingredients derived from animal products (Courtesy of Medytox)
Hugel sold $5.9 million worth botox in China, the world’s second-largest market for the toxin. Its sales have increased five times from $940,000 in January 2023 as the toxin product inventories in China, which piled up during COVID-19, have been cleared since last year.
Hugel is the only Korean botox producer that has won the approval of the Chinese authorities and is one of the four overseas botox makers exporting to China. The Korean company is increasing its botox market share in China, where partnerships with a local firm are important to overcome the entry barrier, a Hugel official said.
The Korean botox makers are slated to spur their overseas sales. Daewoong is awaiting approval in China, while Hugel is set to generate its sales in the US later this year.
Medytox, a Korean firm that makes up 25% of the botox market in Saudi Arabia, is expanding its presence in Thailand and Vietnam.
Last month, the company signed an agreement to supply $73 million worth of Newlux, its new botox that excludes animal-derived ingredients, to Brazilian company Blau Farmaceutica S.A.
By Jeong Min Nam
peux@hankyung.com
Jihyun Kim edited this article.
