Hugel Botulinum Toxin Product 'Botulex' Approved in Italy

One of the Top 5 Countries in the European Toxin Market

Hugel participates in the 'International Beauty Anti-Aging Congress 2022'.

[Asia Economy Reporter Lee Gwan-joo] Hugel announced on the 11th that it has obtained product approval from the Italian Medicines Agency (AGENZIA ITALIANA DEL FARMACO) for its botulinum toxin formulation 'Botulax' (export name Retivo) 50Unit, indicated for glabellar wrinkles.

Including this approval in Italy, Hugel has secured approvals in eight European countries such as the United Kingdom and France. Starting with receiving the product approval opinion from the Heads of Medicines Agencies (HMA) in January, Hugel plans to complete its entry into 24 European countries within this year, including 11 major Tier 1 countries and 13 Tier 2 countries.

Italy, which obtained this product approval, is the third largest botulinum toxin market in Europe after the UK and Germany. It is expected to maintain an average annual growth rate of about 11% until 2025 and grow to a scale exceeding approximately 60 billion KRW this year. In particular, similar to the UK where approval was previously obtained, Italy has a relatively large number of healthcare professionals (HCPs) compared to other European countries, and latecomers occupy more than half of the local market, indicating high growth potential for new brands, according to the company.

Hugel plans to leverage the market characteristics of Italy to conduct marketing activities emphasizing the excellent product quality of Botulax tailored to the needs of local medical professionals and consumers. From the 31st of last month to the 2nd (local time), Hugel participated in the 'International Aesthetic and Anti-Aging Medicine World Congress 2022 (AMWC)' held at the Grimaldi Forum in Monte Carlo, Monaco, officially launching its botulinum toxin formulation as the first domestic botulinum toxin company to do so.

A Hugel representative stated, "Italy is one of the five key European countries considered as major hubs for Hugel's European expansion," adding, "We will further accelerate efforts to successfully complete entry into 24 European countries this year and the final 12 Tier 3 countries next year."