Daewoong Pharmaceutical has signed its largest-ever export contract with a partner in Thailand, bolstering the presence of its botulinum toxin product, Nabota, in the Southeast Asian market.
On June 19, Daewoong Pharmaceutical announced the signing of a supply contract worth approximately 73.8 billion KRW (spanning 5 years) with its Thai partner, Montana Marketing. This marks a threefold increase compared to the initial contract signed in 2020, further showcasing Nabota’s global growth potential.
According to market research firm Grand View Research, the market size in 2023 is approximately 1.46 billion USD (about 2 trillion KRW) and is expected to exceed 3.1 billion USD by 2030. The compound annual growth rate (CAGR) is projected to reach 11.6%, highlighting the region as a strategic market of interest to the global beauty and aesthetics industry.
Since its initial launch in Thailand in 2020, Daewoong Pharmaceutical has solidified its position as a premium toxin brand, securing over a 30% market share through continuous localization strategies. The company has expanded connections between medical professionals and consumers through regular medical education, hands-on training, webinar operations, and brand ambassador appointments.
Notably, the company hosted the ‘Nabota Master Class,’ a global academic program, tailored in Thailand, receiving positive feedback from experts.
Montana Marketing exclusively distributes Nabota to over 1,000 clinics across Thailand and operates an extensive portfolio that includes fillers and lifting threads. Through this contract, Nabota is set to expand its customer base throughout Thailand and maximize synergy with related product lines.
Building on this agreement, Daewoong Pharmaceutical plans to strategically expand the influence of the Nabota brand across Southeast Asia by promoting high-dosage treatments, strengthening collaborations with key opinion leaders (KOLs), and focusing on retention-based marketing.
Joonsoo Yoon, Head of Daewoong’s Nabota Business Division, stated, “This contract represents the largest export agreement since Daewoong’s entry into the Southeast Asian market. Based on our success in Thailand, we are set to initiate expansion into neighboring countries.”
