CTC Bio said Tuseday that it has acquired sales approval for its erectile dysfunction treatment (Ingredient: Sildenafil) in Paraguay.

The drug, licensed to Paraguay, is a film-type drug that dissolved moisture from Pfizer's Viagra ingredient.

Paraguay, along with Brazil, Argentina and Uruguay, is among the four members of the Southern Common Market. Its pharmaceutical industry has grown at an average annual rate of 8 percent over the past five years, and medicine importing business also increased 15 percent.

“Paraguay, which is bordered by most countries in South America, including Brazil and Argentina, will affect sales licenses in large neighboring countries,” CTC Bio CEO Cho Ho-yeon said. “The company expects that the sales approval will serve as a bridgehead for granting permission for other various medicines as Paraguay's health ministry (Ministerio de Salud Publica y Bienestar Social) statistics shows that there are only 23 pharmaceutical producers in the country making it difficult for independent drug supply.”

In 2016, the company also signed an exclusive license with Abbott, a multinational pharmaceutical company, to sell its film-type erectile dysfunction drug, which uses Tadalafil as its main ingredient, in South America.

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