Seoul Pharmaceuticals has signed an agreement with Loghman Pharmaceutical of Azerbaijan to supply Vulteum, an orally disintegrating film (ODF) treatment for erectile dysfunction.
|Seoul Pharmaceutical's plant in Osong, North Chungcheongbuk Province.|
Under the accord, the Korean company will supply the product for five years for an estimated $1.2 million. Seoul Pharmaceutical will maintain the license and trademark rights of the drug.
Seoul Pharmaceutical said it has been actively developing new drugs and has been focusing on innovative and superior drug delivery technologies such as specialized formulations.
In 2012, the company successfully commercialized a product based on its patented technology called “smart film,” which has excellent stability and reduces the bitter taste of the drug.
The drug market in Azerbaijan reached about $700 million in 2016, with most of the market dominated by imported drugs. Loghman Pharma sells more than 80 products in Azerbaijan.
“The contract is meaningful to this company as it the first time our tadalafil ODF has entered a Commonwealth of Independent States (CIS),” a company official said.
As the company expects the authorization process will take four months, the company plans to acquire annual licenses by the end of this year and ship out the first product early next year, he added.
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