Export Contract Renewed with Thai Partner Montana Marketing
Scale Tripled Compared to Previous Agreement
Daewoong Pharmaceutical's botulinum toxin product 'Nabota' 200-unit product Thailand package. Photo by Nabota
Daewoong Pharmaceutical's botulinum toxin product 'Nabota' has signed a large-scale export contract with its Thai partner.
On the 19th, Daewoong Pharmaceutical announced that it had signed an export contract worth a total of 73.8 billion KRW with its Thai partner, Montana Marketing.
This contract was made between Daewoong Pharmaceutical's Thai subsidiary and Montana Marketing and will last for five years. The scale of this contract is about three times larger than the first contract signed in 2020.
Thailand is the fourth largest aesthetic plastic surgery market in Asia after China, Japan, and Korea, and has shown rapid growth in recent years. According to market research firm Grand View Research, the size of Thailand's aesthetic plastic surgery market was estimated at about 1.46 billion USD (approximately 2 trillion KRW) as of 2023, and is expected to expand to over 3.1 billion USD (approximately 4.2609 trillion KRW) by 2030. In particular, the expected compound annual growth rate (CAGR) until 2030 is 11.6%, making it a key target market for global medical aesthetics companies.
Since its debut in the Thai market in 2020, Nabota has steadily grown and established itself as a premium brand, raising its market share to over 30%. The company strengthened its connection with medical professionals and customers through localized marketing, including appointing a brand ambassador, running regular medical staff education programs, hands-on training, and webinars.
In particular, the 'Nabota Master Class,' a global academic event regularly hosted by Daewoong Pharmaceutical headquarters, was localized in Thailand and received favorable reviews from medical professionals.
Montana Marketing is a pharmaceutical and healthcare distribution company in Thailand that exclusively distributes Nabota to about 1,000 clinics nationwide. By creating portfolio synergy with a variety of aesthetic products such as fillers and lifting threads, it is strengthening its competitiveness throughout Thailand.
Based on this contract, Daewoong Pharmaceutical plans to expand Nabota's influence across all of Southeast Asia, including Thailand, by focusing on high-dose combination procedures, strengthening exchanges with Key Opinion Leaders (KOLs), and implementing continuous customer retention marketing.
Yoon Joonsoo, Head of the Nabota Business Division at Daewoong Pharmaceutical, said, "This contract is the largest since our entry into the Southeast Asian market, and we plan to accelerate expansion into neighboring countries based on our stable performance in Thailand. We will continue to strengthen Nabota's influence in the global toxin market with business strategies tailored to local needs."
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