Medytox said Monday that it has launched Acebloc, the company’s botulinum toxin (BTX) product known as Medytoxin here, in Mexico.
|Medytox's botulinum toxin Medytoxin|
Mexico has the second largest beauty market in Latin America with an annual growth of 12 percent over the past three years and a market size of about 30 billion won ($26.2 million) in 2018.
The company said it had seen success with 2A2M Enterprise, its local partner, by reaching 40 percent market share in the Brazilian market. The Korean wave of Hallyu has also raised the positive image of Korea in Latin American countries, increasing interest in Medytox’s BTX.
Before the launch of the product, the company held a lecture to promote Acebloc and Neuramis, its hyaluronic acid filler, to the Mexican Society of Plastic Surgeons.
“We have accumulated know-how on the Mexican skin and cosmetics market through Neuramis, which was launched in Mexico in 2016,” a company official said. “Based on this experience, we expect that Acebloc will be able to gain market dominance quickly.”
The company plans to work closely with local partners to achieve a market share of over 40 percent in the next three years, the official added.