Signed Export Contract with Local Partner for Latin American Market
Full-Scale Entry into 20 Trillion KRW Latin American Diabetes Market
Daewoong Pharmaceutical's new diabetes drug 'Enblo Tablets (active ingredient: Inavogliflozin)' has opened the door to global market entry through Latin America.
Daewoong Pharmaceutical announced on the 24th that it has signed a contract to export Enblo, a new SGLT2 inhibitor diabetes drug, to Brazil and Mexico, the largest markets in Latin America. The local partner is Moksha8. Starting with this export contract, Daewoong Pharmaceutical plans to actively target the global market in the future.
Brazil ranks fourth in the world for the number of diabetes patients, following China, India, and the United States. According to data from the global market research firm IQVIA, the diabetes market size of Brazil and Mexico combined is approximately 2 trillion KRW, accounting for 70% of the entire Latin American diabetes market.
The contract size, including royalties, is $84.36 million (approximately 108.2 billion KRW), and Daewoong Pharmaceutical explained that the product is scheduled to be launched in the second half of 2024 after local regulatory approval. Through this contract, Daewoong Pharmaceutical will supply Enblo to the local partner Moksha8, which will be responsible for sales in Brazil and Mexico.
Moksha8 has a hospital and clinic network covering all regions of Brazil and Mexico. It has shown a steep growth rate of 48% over the past five years. Daewoong Pharmaceutical and Moksha8 previously achieved the third-largest market share in Brazil within two years by launching the botulinum toxin (BTX) product 'Nabota'.
Enblo Tablets are a diabetes treatment developed by Daewoong Pharmaceutical in November last year, the first domestic pharmaceutical company to successfully develop an SGLT2 (sodium-glucose cotransporter 2) inhibitor mechanism drug. Clinical phase 3 trials conducted on patients with type 2 diabetes demonstrated superior HbA1c and fasting blood glucose reduction effects and safety compared to existing marketed drugs. The currently approved indications include ▲monotherapy ▲combination therapy with metformin ▲combination therapy with metformin and gemigliptin, totaling three indications.
During its development, Enblo Tablets were designated as the first fast-track review target by the Ministry of Food and Drug Safety in 2020, enabling rapid review and successful development. Starting with this export contract, Daewoong Pharmaceutical plans to accelerate additional overseas expansion of Enblo Tablets, aiming to enter 15 countries by 2025 and 50 countries by 2030.
Seungho Jeon, CEO of Daewoong Pharmaceutical, said, "This export contract with Moksha8 proves that Daewoong Pharmaceutical's synthetic new drugs, from Pexuclu Tablets to Enblo Tablets, are recognized as global blockbusters," adding, "We hope this Latin America contract will be the starting point for Enblo Tablets to expand into global markets worldwide."
Joel Barlan, CEO of Moksha8, said, "We are pleased to launch Daewoong Pharmaceutical's best-in-class new drug Enblo Tablets in Brazil and Mexico, the largest diabetes markets in Latin America," and added, "We will fulfill our responsibility to provide treatment as soon as possible to tens of millions of diabetes patients in Latin America."
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