Huons Biopharma wins BTX approval in Ecuador

Huons Biopharma said it has won product approval for Hutox, its botulinum toxin (BTX) product, in Ecuador.

The approval follows the company’s exclusive supply deal with Saludderma, an Ecuador-based aesthetic firm, in May 2020.

With the approval, Saludderma plans to launch Hutox in the country by the end of this year.

“We are targeting major BTX markets such as the U.S. and Europe, and strategically targeting emerging markets such as South America, where future growth potential is highly evaluated,” a company official said.

Korean BTX makers see a high growth potential in South America.

Industry officials said Korean-made BTXs are popular in South American countries because they are similar in quality and much cheaper than competing products manufactured by U.S. and EU companies.

Exports of Korea-made BTX to Brazil, the largest country in South America, have been expanding exponentially in recent years.

According to the Korea Customs Service, BTX exports in the first quarter of this year amounted to $43.07 million, up 75 percent from last year. Among the total exports, BTX exports to Brazil amounted to $4.22 million, accounting for 9.3 percent of the total.

Among all Korean BTX export destinations, Brazil ranked fourth after the U.S.

Other Korean BTX powerhouses, including Medytox and Daewoong, are also concentrating efforts to penetrate the South American market.

Medytox currently exports its BTX to 15 South American countries, with export to the region accounting for 16 percent. Daewoong ships its BTX to nine South American countries.

“BTX exports from Korean companies are gradually diversifying from large markets, such as the U.S., EU, and China, to emerging markets such as Central and South America,” an official from a local BTX market said, asking to remain anonymous. “As foreign interest in Korean beauty products is growing, I expect that the total export volume to Latin American markets will continue to grow.”