April 20, 2024

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[THE INVESTOR] Korea’s Medytox is expected to receive marketing authorization for its botulinum toxin Neuronox in China before July next year, a local stock brokerage firm said on June 18.

“Medytox will become the third player to enter the fast growing China’s botulinum toxin market, following Allergan and Lanzhou Biological Product Institute,” said Kim Tae-hee, an analyst at Mirae Asset Daewoo Securities. 

While the global toxin market has a value of 4 trillion won (US$3.62 billion), the Chinese market is worth about 100 billion won with a growth rate of over 15 percent. The unofficial market of the country is estimated to be two or three times that size.

“Given that the circulation of counterfeit versions of Korean companies’ toxin products is rampant in China, I expect demand from the gray market will transfer to the official market once Medytox’s toxin is unveiled,” Kim said.

As Medytox’s dermal fillers have already hit the market through its partner Bloomage, the launch of Neuronox will create synergies along with the existing products, he added.

By Park Han-na (hnpark@heraldcorp.com)