Genuone Sciences plans to export 3 billion won ($2.5 million) worth of Neopol Vaginal Soft Capsule, a treatment of vaginal candidiasis and nonspecific bacterial vaginosis, to Algeria through its local partner, Soprophal, for three years.

Under an accord, Genu Pharma, the Korean company's subsidiary, will manufacture the medicine, with Soprophal distributing and promoting it.

"This is the first case that a local pharmaceutical company will export solid external pharmaceuticals to Algeria," the company said. "Products that use Neopol Vaginal Soft Capsule's ingredient have an annual market of about 34.2 billion won worldwide, of which the Middle East and North Africa account for more than 11 billion won a year."

Algeria's pharmaceutical market, worth about 5 trillion won a year, is the second-largest on the African continent after South Africa, the company added.

Genuone Sciences stressed that the North African country’s drug market has high potential thanks to the Algerian government's active policies for the medical and pharmaceutical industries and the public sector's medical support such as the medical insurance system.

"Algeria has also signed an FTA with the European Union and is negotiating to join the Common Market for Eastern and Southern Africa (COMESA)," the company said. "However, it is difficult for foreign pharmaceutical companies to enter Algeria due to pharmaceutical pricing policies, import regulation policies, and policies to encourage domestic production."

Currently, Algeria's imports of Korean medicines remain at 9 billion won a year.

The Korean company plans to raise its stature in the Algerian pharmaceutical market and expand partnerships with local pharmaceutical companies based on the recent export deal.

"The export contract is meaningful in that it has allowed us to lay a foothold for the Middle East and North Africa," Genuone Sciences CEO Kim Mi-yeon said. "We will actively seek overseas partnerships to emerge as a global healthcare company."