Huonland said Wednesday that it has signed a memorandum of understanding with Santen Pharmaceutical China, allowing the latter to sell its Brimonidine Tertrate Eye Drops in China.
|Huonland CEO Kim Sung-il (left) and Santen Pharmaceutical China Vice President Hiroshima Yamamoto celebrate their business cooperation agreement at Huonland’s headquarters in Beijing, on Wednesday.|
Huonland is a joint venture between Huons and Beijing Northland, a Chinese biotech firm. The company entered the Chinese eye drops market in 2017 after receiving approval from the China Food and Drug Administration in the previous year. The company was selling the product in 13 cities as of the end of last year.
Under the accord, Huonland will supply the treatment throughout China from its good manufacturing practice-certified facility, while Santen Pharmaceutical China will use its distribution and sales network to enter the country’s glaucoma treatment market.
Although the current market share of Huonland’s Brimonidine Tertrate Eye Drops is not large, the company expects that the new agreement will help it expand its share in the Chinese market, which is worth about 1.4 trillion won ($1.2 billion).
“As the agreement has allowed us to secure a distribution network throughout China, we expect the marketing of our hyaluronic acid artificial tears and ophthalmic perfusion liquid, which will get the go-ahead in the first half of this year, in China will also go smoothly,” Huonland CEO Kim Sung-il said.