Seeking to Expand Market to Africa, Middle East
Handok Pharmaceuticals said on April 24 that it has signed a 10 billion won (US$8.63 million) agreement with AT Pharma, a subsidiary of Hydra Pharm Group in Algeria, to export Ketotop (ingredient name: Ketoprofen).
Under this agreement, AT Pharma is responsible for the exclusive distribution and promotion of Ketotop, a plaster type of treatment for muscle pain and arthritis, for seven years after its launch in Algeria in 2021. The ketoprofen plaster market in Algeria is expected to grow to US$17 million in 2022.
Starting with Algeria, Handok plans to expand the export of Ketotop to Africa and the Middle East and North Africa (MENA) with Hydra Pharm Group, which is one of the largest pharmaceutical firms in Algeria.
Ketotop is Korea’s first anti-inflammatory plaster launched in 1994. Its sales increased by two times from 20 billion won in 2014 to 39.3 billion won last year.
Handok is spurring efforts to become a global brand based on its exports of Ketotop to Malaysia, Singapore, Vietnam and Kazakhstan.