Boryung Pharmaceuticals said Tuesday it had signed a memorandum of understanding with Kiara Health to provide Kanarb and Kanarb Plus (compound: fimasartan), the first high blood pressure drug developed in Korea, to African nations.
The two companies also agreed on the licensing out of Besto, a treatment for gastric ulcers, during a signing ceremony at Sandton Sun Hotel, Johannesburg.
The contract was signed by Boryung’s chairman, Choi Tae-hong최태홍, and CEO of Kiara Health, Skhumbuzo Ngozwana. Government and business officials, including Ambassador Choi Yeon-ho, also attended the ceremony.
|Kim Seung-ho (second from left), chairman of Boryung Pharmaceutical Group, poses for the camera, along with Kiara Health CEO Skhumbuzo Ngozwana (far left), Ambassador Choi Yeon-ho (third from left), and Boryung Pharmaceutical President Choi Tae-hong, after signing an MOU at the Sandton Sun Hotel in Johannesburg, South Africa, Tuesday.|
Under the agreement, Boryung보령제약 will supply Kanarb and Kanarb Plus to 10 African countries -- South Africa, Namibia, Botswana, Zimbabwe, Uganda, Tanzania, Nigeria, Ethiopia, Rwanda, and Kenya -- through Kiara Health.
The gastric ulcer treatment market is expected to grow to about 130 billion won ($130 million) in 2016 and about 270 billion won ($230 million) in 2020 in South Africa alone, according to data at IMS.
Besto is a drug of Lafutidine that significantly reduces the recurrence rate of gastric ulcer and gastritis with enhanced gastric acid secretion and gastric mucosal protection. It is the first H2 receptor antagonist product to obtain the indications of Helicobacter pylori eradication. Also, 2013 reflux esophagitis indications have been added.
Boryung and Kiara are planning to conclude this contract during this year through quick consultation
"With strong clinical value and marketability of Boryung products and a secure network and sales force in Africa, we will open up the growing African pharmaceutical market through a strong partnership with Chiara,” CEO Choi said.
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