Daewoong Pharmaceutical said Thursday that its botulinum product, Nabota, has won the item license from the Brazilian health regulatory agency.
Nabota helps to improve wrinkles around the eye area and post-stroke upper limb stiffness. The company had won item licenses in nine Latin American countries, and the latest one in the continent’s largest pharmaceutical market is expected to solidify its presence there.
Daewoong Pharmaceutical will make its first shipment in the first half of this year.
Moksha8, Daewoong’s local partner, will be responsible for the sales of Nabota in Brazil. Moksha8 has a history of successful marketing of many global pharmaceutical companies' digestive, cardiovascular, and central nervous system products in Brazil and possesses a network of hospitals and clinics covering the entire country.
While Moksha8 covers Nabota's treatment area, Daewoong Pharmaceutical plans to target the market through another partner specializing in the field of aesthetics and plastic surgery.
"The treatment market is as big as the aesthetics market in Brazil, and we expect Nabota to grow fast in Brazil as it can advance to both aesthetics and treatment markets with the acquired indications," said Park Sung-soo, head of operations at Daewoong.
The company has won the item license – a license to make and use of an item – for its botulinum toxin products in 51 countries, including the United States, Canada, and Europe, and completed the conclusion of sales contracts in 80 countries.
|Daewoong’s botulinum toxin product Nobota (Credit: Daewoong Pharmaceutical)|
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