Medytox announced on April 22 that it has launched its botulinum toxin Meditoxin (Trade name: Acebloc) in the Mexican market.
Meditoxin, a Korean-made Botox, has secured a 40 percent market share in Brazil four years after its launch in 2015. Mexico is the second largest market in the Latin American skin beauty market after Brazil with an annual growth rate of 12 percent over the past three years. As of 2018, the market size is estimated at 30 billion won (US$26.32 million).
A Medytox official said, "Riding on the popularity of K-pop, the Korean Wave has created a positive image for Korea in South and Central America. We aim to achieve over 40 percent market share within three years in the Mexican skin beauty market."
Meanwhile, Medytox has been also penetrating other global markets on top of Latin America. The U.S. Phase III clinical trial for Innotox, which was licensed out to Allegan in 2013 for launch in the United States and Europe, started last year. The company is also preparing to enter the Chinese market as sales approval on Meditoxin is expected to come in the first half of this year.