Raon Pharma said Monday it has launched nationwide sales of Minoxyfoam Aerosol 5%, Korea’s first locally made generic foam minoxidil, breaking an eight-year monopoly held by Johnson & Johnson’s Rogaine Foam in the country’s $10 million over-the-counter hair loss treatment market.

The product, developed and manufactured by Korea’s Sinsin Pharmaceutical, will be exclusively marketed by Raon under a supply deal signed last Tuesday. Raon said the two companies have also filed a patent for the foam-based formulation, which uses Sinsin’s proprietary aerosol technology.

Kenvue, the local J&J affiliate, introduced Rogaine Foam in 2017 and has since dominated the category, capturing 40 percent of Korea’s topical minoxidil market, according to a March release. In 2024, the brand pulled in 10.7 billion won ($7.8 million) in sales, according to IQVIA.

Raon and Sinsin said they are positioning Minoxyfoam as a lower-cost alternative, leveraging domestic production and regulatory clearance to compete on both access and pricing.

Rogaine’s formulation uses patented lipid-encapsulation to boost follicle delivery and cut systemic absorption. Raon says its generic brings similar features to a market that hasn’t seen a new entrant in nearly a decade.

The company's Minoxyfoam is dosed at 1 gram twice daily for men and once daily for women, with daily limits set at 2 grams and 1 gram, respectively.