[THE INVESTOR] Medytox
, South Korea’s largest botulinum toxin product maker, said March 9 that it has established a joint venture in Thailand with Bangkok-based Celeste in a bid to tap deeper into the Southeast Asian markets.
Through the JV, MedyCeles, the Korean company seeks to get a solid foothold in Thailand and other Asian countries by using Celeste’s extensive local sales network and brand awareness.
|Medytox CEO Jung Hyun-ho (left) and Celeste CEO Wuwong|
Riding on the back of the popularity of Korean drama and K-pop, Medytox has the largest market share in the Thailand’s botulinum toxin market since 2013 and the new company is expected to further strengthen its dominance.
“Entering directly into the Thai market via the JV is a meaningful step for Medytox as Thailand is an important market that leads Southeast Asia’s aesthetic surgery industry,” said Jung Hyun-ho, the company’s chief executive.
The firm will sell all its anti-wrinkle products including the powder-type botulinum toxin Neuronox, approved by the US Food and Drug Administration, and liquid-injectable product Innotox to Thai health care providers and consumers via MedyCeles.
Founded in 2004 by a group of Thai pharmacists, Celeste provides medicines, medical suppliers and pharma equipment, especially products used in cosmetic surgical procedures.
Thanks to brisk exports to some 60 countries, Medytox’s consolidated sales for 2016 increased 51 percent to 133.3 billion won (US$117.68 million) on-year, while operating profit rose 46 percent to 75.2 billion won.
By Park Han-na (firstname.lastname@example.org)