Daewoong Pharm announced on Feb. 20 that it obtained sales approval on botulinum toxin Nabota in Brazil, the largest market in Latin America. The Agencia Nacional de Vigilancia Sanitaria (ANVISA) of Brazil has approved Nabota's treatment of wrinkles between the eyes and post-stroke stiffness in upper limb muscles.
Nabota plans to further strengthen its presence in the Latin American market by entering Brazil, the largest market in Latin America after obtaining such sales approval in nine Latin American countries including Mexico, Panama and Bolivia.
Daewoong Pharm will ship its first exports to Brazil in the first half of this year, and Nabota's local sales in Brazil will be carried out by its partner, Moksha8. Moksha8 is a professional pharmaceutical company with experience in successfully selling a number of global pharmaceutical products, including those for the digestive system, the cardiovascular system and the central nervous system, and a network of hospitals and clinics all over Brazil. Moksha8 will be directly responsible for the sales of Nabota as a treatment drug while another professional partner will sell the drug for cosmetics purposes.
“The market for botulinum toxin in Brazil is as big as the Brazilian cosmetics market,” said Park Sung-soo, head of the Nabota Business Division at Daewoong Pharma. “This time, Nabota received approval as a cosmetics and treatment drug. Accordingly, we expect Nabota to grow rapidly in the cosmetics and treatment drug markets at the same time in Brazil. ”
Meanwhile, Botulinum Toxin manufactured and supplied by Daewoong Pharm has obtained product approval in 51 countries around the world including the United States, Canada, and Europe. Daewoong Pharm signed its sales agreements in about 80 countries.