Dubai, UAE (Image courtesy of the Dubai Municipality)
SEOUL, Feb. 27 (Korea Bizwire) — South Korean pharmaceutical and biotech companies are rapidly expanding their presence in the Middle Eastern market, capitalizing on the region’s growing healthcare demands and high-income population.
Daewoong Pharmaceutical recently launched its botulinum toxin product, Nabota, in Saudi Arabia, a market known for its stringent entry barriers for such products. The company had previously secured regulatory approvals in the United States, Europe, and Canada.
In a parallel development, Hugel received regulatory approval from the UAE Ministry of Health and Prevention (MOHAP) for its botulinum toxin product, Botulax. The company plans to launch the product in April, with distribution and sales handled by its Middle East and North Africa partner, Medica Group.
Medytox has also gained MOHAP approval for two types of its hyaluronic acid filler, Neuramis. The approved products include Neuramis Deep Lidocaine and Neuramis Volume Lidocaine. The company is collaborating with its UAE partner, BND Bio, to improve product awareness.
Hanmi Pharmaceutical has also taken steps to enter the Middle Eastern market. The company signed an exclusive license agreement with Saudi pharmaceutical company Tabuk late last year to export prescription drugs to the Middle East and North Africa (MENA) region. The agreement has initially focused on urology products and anti-cancer biopharmaceuticals.
These strategic moves are driven by the region’s substantial pharmaceutical and biotech demand. According to Research and Markets, the Middle East and African pharmaceutical market was valued at $30.8 billion last year and is projected to grow at an annual rate of 6.1% to reach $42.4 billion by 2030.
The aesthetic medicine market is equally promising. Astute Analytica forecasts that Saudi Arabia’s beauty and cosmetic surgery market will expand from $7.9 billion in 2023 to $18.8 billion by 2032.
Regulatory cooperation has also strengthened. The South Korean Ministry of Food and Drug Safety signed a memorandum of understanding with the UAE’s Emirates Drug Establishment (EDE) for medical product regulatory cooperation late last year, following similar agreements with Iran and Saudi Arabia.
“The Middle East is classified as a region with significant growth potential in pharmaceutical demand,” an industry official said. “The high income levels translate to both high demand and expectations for pharmaceutical products.”
Another industry representative noted, “The MENA region shows surging demand for aesthetic procedures and medical services, coupled with high economic and population growth rates. This explains why it’s the fastest-growing market in the global medical aesthetics sector.”
Ashley Song (ashley@koreabizwire.com)
