Hugel's 'Letybo' First in Korea to Obtain Marketing Approval from Australia
PR Newswire 25 Nov 2022, 00 GMT+10
- Obtained marketing approval on the 23rd (local time) from the Therapeutic Goods Administration (TGA) of Australia for the indication of glabellar lines
- First shipment and local launch planned for Q1 2023...Plans to cooperate with major chain clinics and key opinion leaders
SEOUL, South Korea, Nov. 24, 2022 /PRNewswire/ -- Hugel, a global total medical aesthetics company (CEO: Ji-hoon Sohn), announced on November 24th that they obtained marketing approval for 50 and 100 units of its botulinum toxin called 'Letybo' for the indication of glabellar lines from the Therapeutic Goods Administration (TGA) of Australia on the 23rd (local time).
Australia is one of the top 10 countries for aesthetic procedures. Botulinum toxin accounts for the largest proportion (41%) as a non-surgical aesthetic procedure, and the per capita treatment rate is known to be higher than that of the United States. The market size is estimated to be about KRW100bn as of 2022, and it is evaluated as a high potential market with annual growth of about 7% by 2025.
Hugel plans to complete the first shipment and launch in the local market within the first quarter of 2023. The local subsidiary will be in charge of distribution and marketing.
Hugel plans to implement aggressive sales and marketing activities to successfully settle into the Australian market and expand its market share. Moreover, in addition to reasonable pricing, Hugel plans to effectively deliver the efficacy and safety of Letybo by providing training for local medical staff and conducting academic programs in cooperation with major chain clinics and key opinion leaders.
Hugel's CEO, Ji-hoon Sohn, said, "With the marketing approval in Australia, Hugel was able to break new ground, going beyond the Asian, European, and North American markets to enter Oceania. Hugel, the first Korean botulinum toxin company to obtain the marketing approval in Australia, will strive to become a leader in the global botulinum toxin market beyond the leading company in Korea."