[Asia Economy Reporter Lee Gwan-joo] Dongbang Medical announced on the 14th that it has signed an exclusive sales contract in China for its self-developed hyaluronic acid filler 'ELASTY' with the Chinese online medical and beauty platform 'Xinyang Keji'.
The contract with Xinyang Keji, concluded shortly after ELASTY received marketing approval in China last month, is valued at a minimum of 50 billion KRW over the next five years, according to the company.
‘ELASTY’, exclusively sold on Xinyang Keji, is a hyaluronic acid filler developed by Dongbang Medical that applies the cross-linking technology PNET, which exhibits high elasticity and excellent cohesiveness.
Xinyang Keji is the largest online medical and beauty platform in China with over 25 million members and was listed on the US Nasdaq within six years of its founding. As of 2018, the medical and beauty transaction volume on Xinyang Keji reached 2.1 billion yuan (approximately 360 billion KRW), accounting for 33.1% of the Chinese online medical and beauty service market.
Jo In-ik, Director of Dongbang Medical’s China Business Division, said, “It is highly meaningful for Dongbang Medical to introduce ELASTY through Xinyang Keji, the undisputed largest online medical and beauty platform in China,” adding, “Based on the excellent product quality built on Dongbang Medical’s long-standing expertise, we will strengthen our position in the Chinese filler market and actively pursue expansion into the Northeast Asian region in the near future.”
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