[Asia Economy Reporter Choi Dae-yeol] Daewoong Pharmaceutical announced on the 20th that its botulinum toxin product Nabota recently received marketing approval in Brazil.
Following marketing approvals in nine Latin American countries including Mexico, Panama, and Bolivia, the company expects to strengthen its presence locally by entering Brazil, considered the largest market in Latin America. Nabota, developed in-house by Daewoong Pharmaceutical, received approval from the Brazilian Health Regulatory Agency for indications including improvement of glabellar lines and treatment of upper limb spasticity after stroke.
The company plans to ship its first export batch to Brazil within the first half of this year. Local sales will be handled by partner Moksha8. This company is a specialized pharmaceutical firm with experience selling products from numerous global pharmaceutical companies in the gastrointestinal, cardiovascular, and central nervous systems fields, and possesses a hospital and clinic network covering all regions of Brazil. While Moksha8 will directly manage sales in the therapeutic area of Nabota, the aesthetic segment will be targeted through a separate partner specializing in the cosmetic surgery field.
Park Sung-soo, head of Nabota Business Division at Daewoong Pharmaceutical, said, "The botulinum toxin market in Brazil has a therapeutic market size comparable to the aesthetic market. With Nabota receiving simultaneous approval for both aesthetic and therapeutic indications, it is expected to grow rapidly locally." Nabota has obtained marketing approval in 51 countries worldwide including the United States and Canada, and has sales contracts in over 80 countries.
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