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Daewoong Pharmaceutical. (Photo: Daewoong Pharmaceutical) |
[Alpha Biz= Paul Lee] Daewoong Pharmaceutical announced on June 19 that it has signed a five-year export contract worth KRW 73.8 billion with its Thai partner Montana Marketing for the supply of its botulinum toxin product, Nabota. The agreement was made through Daewoong’s Thai subsidiary and marks a threefold increase in scale compared to the initial deal signed in 2020.
Thailand is the fourth-largest aesthetic medicine market in Asia, following China, Japan, and South Korea. According to Grand View Research, the size of Thailand’s aesthetic market was estimated at USD 1.46 billion (approx. KRW 2 trillion) in 2023 and is expected to grow to over USD 3.1 billion (approx. KRW 4.2 trillion) by 2030, with an average annual growth rate of 11.6%. This makes Thailand a key target market for global medical aesthetic companies.
Since its launch in the Thai market in 2020, Nabota has steadily increased its market share to over 30%, establishing itself as a leading botulinum toxin brand. Localized marketing strategies, including the appointment of brand ambassadors, regular medical training programs, and webinars, have contributed to its success by strengthening connections with healthcare professionals and customers.
Building on this new contract, Daewoong Pharmaceutical plans to further expand Nabota’s presence throughout Southeast Asia by promoting high-dose combination procedures, strengthening engagement with key opinion leaders (KOLs), and continuing customer retention marketing initiatives.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
