Il-yang Pharm (CEO: Kim Dong-yeon) has completed the first shipment of its reflux esophagitis drug to Cambodia, the company said.

Noltec_놀텍 (compound: Ilaprazole), regarded as a third-generation proton pump inhibitor (PPI) drug, is a gastric acid inhibitor developed by Il-yang Pharm as the country’s 14th indigenous drug.

Il-yang_일양약품 announced Monday that Cambodia's regulatory authorities approved the drug, describing it as a feat that will contribute to the company’s advance to pharmerging markets. The company expects the Cambodian approval to serve as the foothold in the Southeast Asian market and plans to increase exports to the region.

The company has conducted clinical tests for Noltec in five Southeast Asian countries -- the Philippines, Thailand, Indonesia, Singapore, and Malaysia.

Southeast Asian nations have a relatively high dependency on imported drugs because of their small production bases. Countries in the region have been increasing their spending on medicines and medical services along with the economic development, a trend expected to benefit Korea’s drug exporters, the company said.

Armed with successful blockbusters in the domestic market and drug patents that will last until 2027, Il-yang’s global market entry has been steadily improving, a company official said.

Il-yang expects Noltec sales to increase in the second half of this year with the addition of an indication for H.pylori, a type of bacteria that causes stomach ulcers. The company’s goal is to reach 28 billion won ($24.5 million) in sales this year. Noltec’s sales last year totaled 22 billion won.

The company has also been gaining increasing attention from global multinational corporations for its progress in therapeutic drugs for patients with severe reflux esophagitis, which has proved difficult to treat, the official added.

yjc@docdocdoc.co.kr

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