Exports of botulinum toxin products, which had declined for several months, rebounded in November to the level similar to the same period last year, industry data showed.
Korean-made botulinum toxin treatments had suffered sales drops in China recently due to Beijing’s harsher crackdown on “daigong,” or merchants who purchase tax-free goods in Korea and sell them in China.
As the Chinese government has yet to approve any Korean botulinum toxin therapy, export declines stemmed from reduced sales by smugglers in China, industry officials said.
The export amount to China of what industry officials presume to be botulinum toxin (HS Code: 3002903090) went down by about 60 percent in July, compared to a year earlier.
As exports continued to fall 25 percent year-on-year in October, some observers forecast that botulinum toxin exports would slide further for some time.
However, industry data showed that exports of botulinum toxins reached $1.34 million in November, almost similar to $1.35 million recorded in the same month last year.
An increase of exports to China significantly contributed to the total expansion of botulinum toxin exports, observers said.
Botulinum toxins shipped to China amounted to $6.9 million in November, up 26.4 percent from a year earlier.
“As the reduction of botulinum toxin exports to China affected botulinum toxin- selling drugmakers’ revenues, the recent rebound in exports to China will likely push up earnings of those companies in the fourth quarter,” an analyst said.
Medytox, which completed applying for approval for Meditoxin in February, is expected to win the nod as early as in the first half of 2019.
Huons is also seeking to obtain approval for its botulinum product Hutox, after signing an agreement in September with its Chinese partner firm to supply the product.
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