[Asia Economy Reporter Yoo Hyun-seok] RF Tech's subsidiary RF Bio announced on the 1st that it has signed a memorandum of understanding (MOU) with a Sinopharm affiliate in China to supply hyaluronic acid (HA) fillers worth 38 billion KRW.
This MOU designates 'Hainan Meidermecare Biomedicine' (hereinafter Hainan Biomedicine), an affiliate of Sinopharm Group, China's largest medical device and pharmaceutical distribution company, to be fully responsible for all tasks related to obtaining sales approval for RF Bio's filler 'Youthfill' in China. The agreement centers on granting Hainan Biomedicine exclusive sales rights for Youthfill in China for 10 years after approval is obtained.
Hainan Biomedicine plans to supply the product nationwide through Sinopharm Group's extensive distribution network immediately upon receiving sales approval for Youthfill, and it is expected that market share in China will increase rapidly within a short period.
An RF Bio official stated, "Sinopharm Group is a massive enterprise that achieved sales of 74 trillion KRW last year and employs approximately 93,000 people, making it the largest pharmaceutical and medical device distribution group in China," adding, "If Youthfill sales are fully launched through Sinopharm Group's nationwide distribution network, there is a high possibility that market share will increase significantly."
He continued, "Through this MOU, the two parties have initially agreed on a 'minimum supply volume' of approximately 38 billion KRW over three years, but the actual supply volume is expected to greatly exceed this amount."
Separately from this MOU, the two companies plan to continue their collaboration on botulinum toxin. RF Bio intends to cooperate with Sinopharm Group across all areas, including local clinical trials, product approval acquisition, and sales, if it proceeds with the botulinum toxin business in China in the future. This is expected to maximize business synergy between the two companies in the Chinese beauty market.
RF Bio has independently secured the world's first botulinum strain derived from honey and has already completed commercial viability verification of the strain through animal testing. In addition to China, RF Bio is pursuing product approval for Youthfill in major overseas markets such as Europe (CE), Vietnam, Mexico, Indonesia, and Thailand.
An RF Bio official emphasized, "Despite major setbacks such as the COVID-19 pandemic, Youthfill has shown steep annual growth in performance based on excellent product quality and outstanding price competitiveness," adding, "Based on the competitiveness proven in the domestic market, which is recognized as an advanced country in cosmetic surgery, Youthfill is expected to establish itself as a global brand through successful overseas expansion."
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