Medicox Signs Domestic Distribution Agreement for Oral Diabetes Medication

[Asia Economy Reporter Jang Hyowon] Medicox announced on the 6th that it has signed an exclusive domestic licensing agreement for the oral insulin for type 2 diabetes 'ORMD-0801,' currently in FDA Phase 3 clinical trials, with Israeli pharmaceutical company Oramed Pharmaceuticals.

According to the company, the Phase 3 clinical trial is in its final stages, and after completion, they plan to begin full-scale distribution of oral insulin in South Korea.

Oramed has been developing oral insulin since 2006 and completed patient enrollment for the world's first Phase 3 clinical trial in May. Currently, patients at 96 clinical research sites across the United States are taking oral insulin, comparing its efficacy in blood sugar control with placebo. The clinical results are expected to be announced in the first half of 2023.

This oral insulin is realized through Oramed's proprietary drug delivery system. The system enables insulin to reach the intestines without being destroyed by acidic environments and proteolytic enzymes, allowing absorption into the body.

According to the Health Insurance Review & Assessment Service, the number of type 2 diabetes patients in South Korea has steadily increased from 2,517,443 in 2017 to 3,206,932 in 2021. Among them, the insulin treatment rate is about 6.4%. According to U-BIST, a statistical source for reimbursed pharmaceuticals, the diabetes treatment market was worth 1.16 trillion KRW in 2020, and considering an annual growth rate of 8%, the current domestic diabetes treatment market is estimated at 1.5 trillion KRW.

Oral insulin is characterized by acting similarly to endogenous insulin produced by the body compared to injectable forms. The related industry regards it as a groundbreaking new drug that can eliminate the pain and inconvenience of injections and reduce the risk of complications.

Medicox CEO Oh Daehwan stated, "Until now, insulin injections have caused many inconveniences for diabetes patients due to the fear of self-injection and the risk of infection from management difficulties," adding, "We expect that oral insulin will resolve various side effects and allow patients to manage diabetes more easily and conveniently."