SK Chemicals announced on Nov. 27 that the U.S. Food and Drug Administration (FDA) has given the nod to its dementia treatment patch SID710 (element name: Rivastigmine). SID710 has become the first dementia treatment patch developed in Korea to receive FDA approval.
SK Chemicals developed SID710 in 2010. The product sticks to skin of dementia patients who cannot remember the time and number of medications or cannot swallow pills. It generates the same effects as oral products, but has less negative side effects such as nausea, vomiting and inflammation. Its burden on the stomach and liver is also smaller.
The FDA's approval followed the product’s launch in Europe in 2013, Australia in 2016 and Canada in 2018. So far, SK Chemicals has signed export or sales deals on the pill with 24 major pharmaceutical companies in 19 countries. In Korea, it has been sold since 2014 under the brand of “Wondron Patch.”
The aging world is expanding the world market for dementia drugs. As of 2019, the number of people with dementia worldwide stands at 2.3 million and the related drug market is worth 4 trillion won or US$3.3 billion annually, says Data Monitor Healthcare, a global market research firm. Thanks to vigorous marketing overseas, SID710 is enjoying a 50 percent share in the market of generics for dementia in Europe in 2019.