CJ Healthcare, the pharmaceutical unit of CJ Group, said on Sept. 4 it plans to launch its first novel drug Tegoprazan next year.
The drug maker said it has submitted its new drug application with the Ministry of Food and Drug Safety for Tegoprazan, a treatment for gastroesophageal reflux disease, or GERD, on Aug. 31.
Currently, the domestic market for acid blocking medications is estimated at 350 billion won (US$309.40 million).
The company stressed its competitive edge over existing rivals, saying its drug boasts more rapid and sustaining efficacy and can be consumed with or without meals.
Looking beyond the Korean market, the company has licensed out Tegoprazan to China’s Shandong Luoxin Pharmaceutical Group in a deal worth 100 billion won in 2015, targeting the country’s fast-growing anti-ulcer treatment market valued at an estimated 3 trillion won.
By Park Han-na (email@example.com