- Latin America’s third-largest beauty market after Brazil and Mexico, emerging as a key medical tourism hub
- Aiming for 30% market share within five years of launch through tailored marketing strategies
[by Kang, In Hyo] Daewoong Pharmaceutical announced on August 26 that it has signed a KRW 34.1 billion (approximately USD 24.5 million) export agreement with Colombian pharmaceutical company Valentech Pharma for Nabota, its in-house developed botulinum toxin formulation. Building on successful expansion into major markets such as Brazil, Mexico, and Argentina, the Colombian contract further strengthens Nabota's business strategy in Latin America.
According to 2024 data from the International Society of Aesthetic Plastic Surgery (ISAPS), 바카라 토토 사이트 ranks as the third-largest cosmetic surgery market in Latin America, following Brazil and Mexico. In recent years, the country has also gained prominence as a hub for medical tourism, supported by competitive pricing for cosmetic procedures, robust infrastructure, and advanced medical expertise. The market is viewed as having strong potential, particularly in the segment of non-invasive procedures such as botulinum toxin formulations.
Global market research firm Grand View Research forecasts that 바카라 토토 사이트’s non-invasive aesthetic treatment market will expand at a compound annual growth rate (CAGR) of 15.7%, rising from USD 940 million (approximately KRW 1.3 trillion) in 2023 to USD 2.613 billion by 2030.
Valentech Pharma, a pharmaceutical company with extensive experience in rare disease treatments and biosimilar approvals, has recently expanded into the aesthetics sector. Its strong understanding of biopharmaceuticals and regulatory affairs is expected to create synergy for 바카라 토토 사이트's entry and growth in the Colombian market.
Daewoong Pharmaceutical and Valentech Pharma have validated 바카라 토토 사이트’s superior efficacy through a comparative clinical trial against AbbVie's Botox, the leading product in the Colombian market. The two companies plan to capitalize on 바카라 토토 사이트's quality competitiveness, already recognized by global regulators including the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA), and Health Canada, to drive rapid product launches and sustained sales growth. With targeted local marketing strategies, the companies aim to capture a 30% market share and secure the position of Colombia’s second-largest market player within five years.
"This partnership establishes a foundation for 바카라 토토 사이트's expansion in Colombia, one of the leading cosmetic surgery markets in Latin America and a rapidly growing hub for medical tourism. We will work closely with our partners to ensure 바카라 토토 사이트 is swiftly introduced to Colombian medical professionals and consumers," stated Yun Jun-soo, Head of Daewoong Pharmaceutical's 바카라 토토 사이트 Business Division.