Hugel said Thursday that it has obtained product approval from the U.K. Medicines and Healthcare Products Regulatory Agency for its botulinum toxin (BTX) formulation Letybo treating forehead wrinkles.

Hugel has become the first Korean company to receive approval for a botulinum toxin product in the U.K.
Hugel has become the first Korean company to receive approval for a botulinum toxin product in the U.K.

The U.K., the third European country that approved Letybo after France and Austria, is the largest BTX market among the five major European countries -- U.K., France, Germany, Italy, and Spain -- accounting for 70 percent of the European market. The experience rate of BTX treatment among U.K. citizens is about 7 to 10 percent, the highest in Europe.

According to Hugel, the size of the U.K. botulinum toxin market is worth about 120 billion won ($98.4 million) this year and will grow to about 150 billion won by 2025.

Besides, the U.K. has many healthcare professionals compared to other European countries, indicating that the country is conducting BTX treatment actively through new channels in addition to traditional ones, such as hospitals. Hugel seeks to expand its market share in Europe by entering the U.K. market in the second quarter.

The company plans to carry out customized marketing activities centered on young adults with high demand for BTX treatment.

On Wednesday, it sent out the first BTX shipment to Europe, becoming the first Korean BTX maker to launch a BTX product in the continent.

Before entering individual European countries, Hugel plans to promote the company and its products by using the local marketing know-how of Croma, Hugel's European partner.

"The U.K. is Europe's largest market for BTX and obtaining this license will be an important step for Hugel's expansion of its position in Europe," a company official said. "We will quickly establish Letybo in U.K., France, and Austria, and successfully advance into 11 countries this year and 36 countries next year."

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