This time, Colombia...Daewoong Pharmaceutical Signs Nabota Export Contract, Expands Into Latin America
Aug 26, 2025
|
Analysts say that Nabota's business strategy in Latin America is becoming more solid as it has successfully entered Brazil, Mexico, and Argentina and completed the Colombian contract.
Colombia is the third-largest beauty and plastic surgery consumer market in Latin America after Brazil and Mexico according to statistics from the International Society for Aesthetic Plastic Surgery (ISAPS) in 2024, and has recently emerged as a major medical tourist destination in Latin America with reasonable prices for beauty and plastic surgery, well-equipped infrastructure, and high levels of medical technology. In particular, it is considered a market with great growth potential for non-invasive procedures such as botulinum toxin.
The market research firm Grand View Research predicts that Colombia's non-invasive beauty treatment market will grow 15.7% annually by 2030 from $940 million (about 1.3 trillion won) as of 2023, reaching $2.613 billion (about 3.62 trillion won).
Valentech Pharma is a pharmaceutical company with experience in approving a number of rare disease treatments and biosimilar licenses and has recently expanded its business into the aesthetic sector.
Daewoong Pharmaceutical and Valentec Pharma plan to quickly release Daewoong Pharmaceutical's botulinum toxin based on its excellent efficacy and effectiveness and the world's best quality competitiveness recognized by major regulatory agencies such as the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA), and Canada's Health Canada. Through local customized marketing activities, the company aims to achieve a 30% market share and the second-largest industry in the Colombian market within five years.
"This partnership laid the foundation for Nabota's expansion in Colombia, a major beauty and plastic surgery consumer market in Latin America and a recent medical tourist destination. We will work hard to introduce Nabota to Colombian medical staff and consumers quickly based on close cooperation with our partners," said Yoon Jun-su, head of Nabota Business Division at Daewoong Pharmaceutical.
This article was translated by Naver AI translator.
