South Korean botulinum toxin products are rapidly gaining ground in major global markets, driven by growing demand from younger consumers and competitive pricing, as leading companies like Daewoong Pharmaceutical, Hugel, and Medytox expand their reach across the U.S. and Southeast Asia.
On Sept. 23, 350 local medical professionals and practitioners gathered at an event hosted by South Korean medical aesthetics company Hugel in Jakarta, Indonesia. This event, which showcased a new botulinum toxin product commonly known as ‘botox,’ attracted many Indonesian dermatologists.
A Hugel representative commented, “Korean-made botulinum toxin products are gaining recognition in Southeast Asia, with Thailand and Indonesia being considered the two largest aesthetic markets in the region. We plan to continue engaging with local medical experts in Southeast Asia through academic seminars and workshops.”
Korean-made botulinum toxin, often referred to as ‘K-botulinum toxin,’ is making a significant impact in major markets worldwide, including the United States and Southeast Asia. The rising global interest in Korean products, partly fueled by K-pop, along with a shift in demand for botulinum toxin from predominantly middle-aged consumers to younger generations, is driving its success in overseas markets.
Among S. Korean companies, Daewoong Pharmaceutical led botulinum toxin sales in the first half of this year, posting revenues of 90.2 billion won ($67.9 million). This figure represents over 60% of the company’s total sales in 2022 ($106 million). The U.S. was the largest contributor to Daewoong’s export sales, accounting for around 80% of its total overseas revenue.
Daewoong, in collaboration with its American partner Evolus, markets its botulinum toxin product ‘Nabota’ under the name ‘Jeuveau’ in the U.S. The product’s market share in the U.S. increased from 7% in 2021 to 9% in 2022, and 11% in 2023. It is estimated that the market share surpassed 12% in the first half of this year. Thanks to strong performance in overseas markets, Daewoong posted record-high earnings in the second quarter of this year, with sales of $245.1 million and an operating profit of $37.3 million.
Hugel, which received FDA approval for its botulinum toxin ‘Botulax’ (marketed in the U.S. as Letybo) in the first half of this year, also saw an increase in sales. The company’s botulinum toxin sales for the first half of the year totaled $64.2 million, with revenues growing steadily across Asia, Europe, Canada, and South America. Hugel’s overseas sales are expected to expand further in the second half of the year, as the company plans to launch its FDA-approved botulinum toxin product in the U.S. as early as next month.
Industry experts point to price competitiveness as a key factor driving the popularity of Korean botulinum toxin products in global markets. For the past two decades, the global botulinum toxin market has been dominated by AbbVie, the company that first introduced botulinum toxin under the name ‘Botox,’ a term now commonly used to refer to the product itself.
However, AbbVie has increased its prices over the past three years, causing some customers to turn their backs. During this time, Korean companies have secured approvals from various governments, allowing them to expand into new markets.
Medytox, which is recognized as the first company in Korea to develop botulinum toxin, is also expected to see improved performance as ongoing lawsuits come to a close.
On Sept. 22, the Daejeon High Court rejected the Ministry of Food and Drug Safety’s appeal regarding the revocation of Medytox’s product approval. In 2020, the Ministry had canceled the license for Medytox’s botulinum toxin product ‘Meditoxin,’ citing the use of unauthorized raw materials in the manufacturing process. Medytox challenged the decision and won the first trial in November last year.
Medytox’s second-quarter earnings report, released last month, showed sales of $48.9 million and an operating profit of $10.7 million, marking a return to profitability after just one quarter. As a result, the company’s performance is expected to continue on an upward trajectory.
Although Medytox has yet to enter the U.S. market, its overseas sales, primarily in Asia, have been steadily increasing. In the second quarter, the company’s export sales rose 28% year-on-year, reaching $29.2 million.
