Colombia Emerges as the Third-Largest Aesthetic Market in Latin America
Following Brazil and Mexico
On August 26, Daewoong Pharmaceutical announced that it has signed an export contract worth 34.1 billion KRW with Colombian pharmaceutical company Valentec Pharma for its Nabota product. Following successful entries into major markets such as Brazil, Mexico, and Argentina, the completion of this contract with Colombia further solidifies Nabota's business strategy in Latin America.
According to 2024 statistics from the International Society of Aesthetic Plastic Surgery (ISAPS), Colombia is the third-largest aesthetic and plastic surgery consumer market in Latin America, following Brazil and Mexico. Recently, Colombia has emerged as a major medical tourism destination in the region, thanks to its reasonable pricing for aesthetic and plastic surgery procedures, well-developed infrastructure, and high level of medical technology. In particular, the market is considered to have significant growth potential for non-invasive procedures such as botulinum toxin treatments.
Market research firm Grand View Research projected that Colombia's non-invasive aesthetic procedure market, valued at 940 million USD (approximately 1.3 trillion KRW) in 2023, will grow at an average annual rate of 15.7% to reach 2.613 billion USD (about 3.62 trillion KRW) by 2030.
Valentec Pharma is a pharmaceutical company with experience in obtaining approvals for numerous rare disease treatments and biosimilars, and it has recently expanded its business into the aesthetics sector. With its deep understanding of biopharmaceuticals and strong regulatory capabilities, Valentec Pharma is expected to create synergy in facilitating Nabota's entry and expansion in the Colombian market.
Daewoong Pharmaceutical and Valentec Pharma plan to swiftly launch Nabota in Colombia, leveraging the superior efficacy and effectiveness of Daewoong's botulinum toxin-demonstrated through equivalence clinical trials with AbbVie's Botox, the leading local product-as well as its globally recognized top-tier quality, acknowledged by major regulatory agencies such as the US Food and Drug Administration (FDA), the European Medicines Agency (EMA), and Health Canada. Their goal is to achieve a 30% market share and rank second in the Colombian market within five years through locally tailored marketing activities, driving stable sales growth.
Yoon Joonsoo, Head of the Nabota Business Division at Daewoong Pharmaceutical, stated, "Through this partnership, we have established a foundation for Nabota's expansion in Colombia, which is not only a major Latin American aesthetic and plastic surgery consumer market but also an emerging medical tourism destination. We will work closely with our partner to quickly introduce Nabota to Colombian healthcare professionals and consumers."
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