Expansion to a Total of 10 Central and South American Countries, Including Brazil and Mexico
Daewoong Pharmaceutical announced on November 14 that it has signed export contracts for its diabetes treatment 'Enblo Tablets' (ingredient name: Enavogliflozin) with eight countries in Central and South America. The contract is valued at approximately 33.7 billion KRW, and when combined with existing agreements, the total scale reaches around 143.3 billion KRW.
Daewoong Pharmaceutical, in collaboration with its partner Moksha8, has expanded its supply coverage to ten countries in Central and South America by adding new export contracts with Ecuador, Costa Rica, Guatemala, Nicaragua, Honduras, Panama, the Dominican Republic, and El Salvador to its existing agreements with Brazil and Mexico. Through this, the company plans to strengthen its presence in the Central and South American market and accelerate the diversification of its global business portfolio.
The Central and South American region is a key area showing the fastest growth in the global diabetes treatment market. According to the pharmaceutical market research firm IQVIA, the market size reached approximately 8.2 trillion KRW as of last year. In particular, the SGLT-2 inhibitor segment has drawn attention by more than doubling in size, from about 860 billion KRW in 2022 to around 1.85 trillion KRW in 2024.
As the Central and South American market has emerged as a major hub within the global diabetes treatment sector, the supply base secured through this contract is expected to further boost Daewoong Pharmaceutical's "Global No. 1 Product, 1 Trillion KRW" strategy. Daewoong Pharmaceutical also plans to gradually expand into emerging markets such as the Middle East and Africa, leveraging its technology that has been validated in Korea.
Enblo Tablets is the 36th new drug developed with domestic technology and is the first SGLT-2 inhibitor class diabetes treatment developed in Korea. SGLT-2 inhibitors work by blocking the reabsorption of glucose and sodium in the kidneys, promoting their excretion through urine. This mechanism not only helps control blood sugar but also improves blood pressure, kidney, heart, and weight management.
Park Sungsoo, CEO of Daewoong Pharmaceutical, stated, "This contract with eight Central and South American countries marks a significant turning point for Enblo as a domestically developed new drug expanding its presence in the global market. Moving forward, we will broaden our reach to regions such as the Middle East and Africa to strengthen our status as a leading global pharmaceutical company."
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