Korean botulinum toxin companies are experiencing delays in entering the Chinese market due to increased regulatory scrutiny and growing competition. I-Maker Technology and Daewoong Pharmaceutical have both postponed their commercialization schedules to 2025. The market sees an influx of new products, intensifying competition and price pressures within the sector, despite projected growth by Goldman Sachs to $1.55 billion by 2025.
Korean botulinum toxin companies face significant delays in entering the vital Chinese market, which is regarded as one of the leading global markets for this product. Regulatory scrutiny has heightened, and the entrance of new competitors is shifting market dynamics, contributing to these delays.
I-Maker Technology, which introduced Huons’ botulinum toxin in 2018, has postponed its commercialization timeline from December 31, 2024, to December 31, 2025. A representative stated, “We have been informed by our partner that the commercialization schedule has been postponed to next year” and assured efforts to complete the marketing procedures shortly.
Similarly, Daewoong Pharmaceutical has also delayed the launch of its botulinum toxin, “Nabota,” to 2025. The company has recently completed regulatory inspections, with an approval decision anticipated in the first half of next year. Daewoong initially sought a license from the China National Medical Products Administration in 2021, hoping for a 2022 approval.
The Chinese botulinum toxin market notably expanded this year with the addition of two new products, increasing the total approved items to six. Established products include Lanzhou’s “BTXA,” Allergan’s “Botox,” and others, while Fosun Pharma’s recently launched “DaxibotulinumtoxinA” employs a lower pricing strategy, intensifying industry competition.
The competition is expected to escalate as other domestic firms, such as Chong Kun Dang Bio and Medytox, and biotech companies like JHM Biopharma, pursue regulatory approvals. An industry insider noted, “Due to the interest in K-beauty, there is high demand for domestically produced botulinum toxin,” emphasizing the field’s essentiality despite growing competition and inevitable price wars.
The popularity of K-beauty has amplified the demand for Korean botulinum toxin products. Although the Chinese market poses challenges due to regulatory issues and competition with established brands, it remains a strategic focus for Korean companies.
Goldman Sachs estimates that the Chinese botulinum toxin market could grow to $1.55 billion by 2025, highlighting its significance for pharmaceutical firms and the lucrative opportunities for those who adeptly navigate its competitive landscape.
Korean botulinum toxin companies are strategically targeting the Chinese market, recognizing its value as a key global arena. The increasing competition, coupled with stringent regulatory processes, has made it difficult for these companies to establish a foothold. Furthermore, the dynamics evolve as new entrants continuously reshape the market, challenging established players and altering pricing structures.
In conclusion, Korean companies pursuing the Chinese botulinum toxin market face multifaceted challenges including regulatory delays, heightened competition, and pricing pressures. Despite these hurdles, the market holds considerable promise, as evidenced by projections from Goldman Sachs forecasting substantial growth. Navigating these complexities is crucial for any company seeking to capitalize on this lucrative opportunity.
Original Source: www.businesskorea.co.kr
Leave a Reply