SEOUL, May 18 (Korea Bizwire) — South Korean pharmaceutical companies are scrambling to enter the so-called ‘petconomy’ market, or market for pet merchandise.
Last week, drugmaker Yuhan Corp. introduced GedaCure, the country’s first drug to treat Cognitive Dysfunction Syndrome (CDS) in pets.
South Korean cancer immunotherapy drug company Vaxcell-Bio Therapeutics Co. recently completed clinical trials for Vaxleukin-15, a drug for cancer immunotherapy for pets, and plans to submit applications to the government in September for authorization.
Dongkook Pharmaceutical Co. added production, import and sales of veterinary drugs as its newest business project at the shareholder’s meeting held in March.
Daewoong Pharmaceutical Co. submitted trademarks for Heartreat, a new brand specializing in pet pharmaceuticals, aiming for robust export of anthelmintics and health supplements for pets.
As of 2019, South Korea’s animal pharmaceutical market was worth 1.2 trillion won (US$1 billion), one-twentieth of the country’s overall pharmaceutical market (24 trillion won). It is, however, growing at a rapid pace of 7 percent each year.
Image Credit: Yuhan Corp. / Yonhap / photonews@koreabizwire.com
