[Asia Economy Reporter Hyunseok Yoo] RF Tech announced on the 25th that its subsidiary RF Bio has obtained product approval from the Indonesian Ministry of Health for its hyaluronic acid (HA) filler ‘Youthfill Deep with Lidocaine (Youthfill).’ With this approval, RF Bio can now export the HA filler ‘Youthfill’ to Indonesia.
Indonesia, the world's largest Muslim-majority country, is known for its high entry barriers due to the complicated approval procedures for foreign companies and products. With the fourth largest population globally, the company expects high growth potential in the beauty and plastic surgery market, as well as easier access to neighboring Southeast Asian countries with significant market potential.
Following the European CE certification in April and the UK (UKCA) certification in May, RF Bio is accelerating its export expansion throughout Europe. Additionally, the company is concurrently pursuing approval procedures for Latin America, Australia, and the Middle East regions.
An RF Tech official stated, “Exports of HA fillers are currently showing growth, and we plan to target the local market by leveraging the official approval from the Indonesian government and the product’s competitiveness. We expect to obtain product approvals throughout Southeast Asia, starting with this Indonesian certification.”
In April, RF Bio signed a land purchase agreement related to a new factory in Wonju Enterprise City, Gangwon Province, and plans to complete the production plant for botulinum toxin and HA fillers by December 2023 at the latest. Through this, the company is building a foundation to grow into a leading global medical aesthetic company.
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