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Letybo, Hugel’s Botulinum Toxin, Obtained Marketing Approval from Spain
2022-07-08

Letybo, Hugel’s Botulinum Toxin, Obtained Marketing Approval from Spain

- Received marketing approval from 11 major European countries…The first in Korea to enter the European toxin market

- Spain shows the fastest demand growth among 5 major European countries with average annual growth rate of 13%

 

Hugel, a global total medical aesthetics company (CEO: Sohn Ji-hoon), announced on July 6th that the company obtained marketing approval of its botulinum toxin, ‘Letybo’, from Spanish Agency of Drugs and Health Products (AEMPS).

 

This wrapped up the company’s goal to obtain marketing approval from 11 major European countries within this year. Spain is one of the top 5 countries along with the UK, France, Germany and Italy, which take up 70% of the European botulinum toxin market. Spain shows the fastest demand growth among the 5 major European countries with average annual growth of 13%. The market values around KRW 50 billion in 2022, which is expected to expand up to KRW 70 billion by 2025. 

 

Hugel plans to successfully launch in Spain with localized sales and marketing strategies within this year. Sales and marketing efforts will accompanied by various medical activities ranging from training for medical practitioners and clinics to academic programs with the country’s key opinion leader(KOL). 

 

In Spain, consumer base is growing due to the increased adoption by younger consumers and male customers, similar to UK. Health care practitioners are also on the rise. In addition, Spanish hospitals and clinics are more open and shows interest for new brands and considers efficacy and duration as the priority to choose brands, which is expected to make Hugel quickly establish itself in the local market. Hugel is the No. 1 player in the Korean botulinum toxin market and the first Korean company that has successfully launched its product in China and Europe.

 

Jihoon Sohn, Hugel’s CEO said, “As Spanish customers value the product quality the most to choose brand, Hugel will accelerate its pace to expand in the Spanish market based on its reputation of Letybo as ‘Korean No. 1 product’ with its safety and stable efficacy. The company will make all efforts to obtain approval from other European markets and continue product launching with the goal of entering into 36 European countries by 2023.” 

 

Last January, Hugel received the recommendation from the Heads of Medicines Agencies (HMA) of Europe for the approval of Letybo in 50 Unit. In March, the company made the first shipment to France and Austria, also participated in ‘Aesthetic & Anti Aging Medicine World Congress(AMWC) 2022’ and ‘IMCAS World Congress 2022’ from June 3 to 5 (local time) in France to introduce botulinum toxin for the first time as a Korean company. 


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