Hyundai Bio Signs Exclusive Supply and Joint Marketing Agreement for 'Vitabrid' with CMG Pharm

[Asia Economy Reporter Lim Jeongsu] Hyundai Bio announced on the 30th that it has signed an exclusive sales and joint marketing agreement for the world's first topical vitamin C product 'Vitabrid' with CMG Pharm, a subsidiary of Cha Biotech.

Through this contract, Hyundai Bio will supply Vitabrid products to the domestic distribution network established by CMG Pharm, including general hospitals, clinics, pharmacies, large supermarkets, and online malls in Korea.

Hyundai Bio plans to exclusively supply CMG Pharm with skincare products such as wrinkle cream and serum developed using Vitabrid technology, as well as hair loss care products including shampoo, rinse, and hair tonic. In particular, focusing on the rapid increase in the female hair loss population, they plan to aggressively target the female hair loss market through postpartum care centers, hospitals, and pharmacies.

CMG Pharm is a rapidly growing subsidiary of Cha Bio Group, known for its self-developed film-type erectile dysfunction treatment. Cha Bio Group is a comprehensive medical group that owns five Cha Hospitals, five research and examination centers, four medical and general universities, 15 research institutes, seven pharmaceutical subsidiaries, and investment companies.

A Hyundai Bio official explained the background of the contract, stating, "CMG Pharm verified Vitabrid products through Cha Bio researchers and evaluated that the product performance is excellent in skin texture improvement, skin whitening, and skin elasticity, with very high market potential and growth prospects."

According to Hyundai Bio, Vitabrid is a functional cosmetic that dramatically improves the low absorption rate of vitamin C. Using patented technology, it delivers vitamin C deep into the skin and keeps it alive for 12 hours. It was selected as one of the world's top eight technologies by the Materials Research Society (MRS) and the American Chemical Society (C&EN), and was created using the 'organic-inorganic delivery system technology' introduced by former Ewha Womans University Chair Professor Choi Jin-ho in the journal Nature.

Hyundai Bio's Japanese joint venture 'Vitabrid Japan' achieved sales of 8.4 billion yen (approximately 96 billion KRW) in 2019 and recorded sales exceeding 10 billion yen (approximately 110 billion KRW) for two consecutive years. Despite the COVID-19 situation, it grew to become the number one brand in the hair loss field and ranked within the top 20 in cosmetics sales across Japan.

Lee Juhyung, CEO of CMG Pharm, said, "Following Japan, we are confident in the success of skin vitamin C in Korea as well," adding, "We will secure growth momentum by expanding cooperation with Hyundai Bioscience in various fields beyond cosmetics, including joint development of pharmaceuticals and medical devices."

Oh Sang-gi, CEO of Hyundai Bio, said, "Vitabrid is a luxury cosmetic that led the popularization of topical skin vitamin C by achieving over 100 million dollars in sales in Japan last year," and added, "We will continue the sensation of topical skin vitamin C cosmetics recommended by doctors and pharmacists by joining hands with CMG Pharm."