2024-04-23 22:11:59
5 years since launch, K-Cap has expanded into 45 overseas countries
Saudi Tabuk, dedicated to sales of K-Cap in 17 countries
Completed entry into the ‘pharmaceutical market’ through contracts in the Middle East and North Africa
“Enter into 100 countries by 2028 and reach KRW 2 trillion in sales by 2030”
HK InnoN is expanding the global market for K-Cap, a new drug for gastroesophageal reflux disease that is now in its fifth year of launch. Starting with China, we will begin entering the Middle East and North Africa markets throughout Asia, North America, and Central and South America.
HK inno.N announced on the 23rd that it recently signed a contract with Tabuk Pharmaceuticals, a local pharmaceutical company in Saudi Arabia, to export finished products of K-Cap tablets (ingredient name: Tegoprazan) to the Middle East and North Africa. According to the contract, Tabuk has exclusive distribution and sales rights for K-Cap in the Middle East and North Africa.
Since its launch in 2019, K-Cap has achieved success in entering 45 overseas countries (including technology export, export of finished products, etc.), including this contract. Tabuk, a local pharmaceutical company, is evaluated as having a solid sales force in 17 countries in the Middle East and North Africa, mainly Saudi Arabia. The plan is to further strengthen its leading position in the local peptic ulcer medication market by introducing this K-Cap product. The Middle East and North Africa region is considered a market with great future growth potential as the size of the pharmaceutical market is expanding, especially in countries with high national income.
Kwak Dal-won, CEO of HK Innoen, said, “With this expansion into the Middle East and North Africa, K-Cap has completed its entry into the pharmerging market, which has emerged as an emerging pharmaceutical market from Southeast Asia to Central and South America.” He added, “We plan to enter 100 countries by 2028 and achieve sales of 2 trillion won by 2030.” “We will accelerate our efforts to target the global market with the goal of achieving this.”
K-Cap is Korea’s 30th new drug and is a P-CAB series gastroesophageal reflux disease treatment that has recently been in the spotlight. Since its launch in 2019, it has recorded a cumulative outpatient prescription volume of 553.6 billion won as of March this year. Ranked first in domestic market share for four consecutive years. The drug takes effect quickly within 30 minutes after taking it, and the efficacy and safety for long-term use of 6 months have been secured. It has entered the overseas market in a total of 45 countries, of which it was officially launched in 7 countries, including China, the Philippines, Mexico, and Peru. It has secured product approval in four countries, including Chile, the Dominican Republic, Nacaragua, and Honduras, and is preparing for official launch. Many countries in Central and South America are undergoing the approval process. Local development is underway through technology transfer in three countries, including the United States, Canada, and Brazil.
Kim Min-beom, Donga.com reporter [email protected]
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2024-04-23 22:11:59