Huons, a subsidiary of Huons Global, said Thursday that it has received sales approval for Elravie, a hyaluronic acid filler, in Indonesia.
Elravie is a hyaluronic acid filler developed by Humedix, a subsidiary of Huons Global, and contains 2.5 million daltons of high molecular weight hyaluronic acid. The product has received approval from the China Food and Drug Administration (CFDA) and CE certification for its safety and efficacy.
Huons has signed a 9 billion won ($8.43 million) supply agreement for five years with Prime Med Indonesia (PMI) before the approval in 2016, after seeing great potential in the country’s cosmetic make-up market.
Under the accord, PMI plans to market Elravie throughout Indonesia through a stable distribution network and local marketing know-how. The company also plans to expand its business area with Huons into hospitals' aesthetic medical devices and cosmeceutical products.
In Indonesia, the beauty market has been growing steadily over the past five years due to rising incomes. As Hallyu, or the Korean wave, in China has expanded to Southeast Asia, interest in K-Beauty has increased, as well as interest in Korean beauty cosmetics. Also, as the country has the fourth largest population in the world, the company believes that it is highly likely to grow in absolute market size.
“The company expects that Elravie, which is leading the 'K-beauty' trend in the Chinese cosmetic, will also show good results in the Indonesian cosmetic market,” Huons CEO Um Key-an said. “We plan to make Elravie a global hyaluronic acid filler brand that does not rest on the domestic market.”
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