Huonland, a joint venture between Huons and Beijing Northland, said that it has received approval for its hyaluronic acid (HA) eye drop 0.3 percent from the China Food and Drug Administration on Saturday.

The company plans to enter the Chinese eye drop market in earnest as it received the CFDA approval.

The artificial tear market in China continues to grow by 20 to 25 percent annually due to environmental reasons, including air pollution, and external causes such as the accumulation of eye fatigue due to the increase in the use of electronic devices.

"Huonland's HA artificial tear will enter the Chinese ophthalmic market with a 0.8 ml dose of 0.3 percent concentration," the company said. "We expect that the product will have the upper hand in concentration and capacity compared to the existing disposable dry eye drops."

Also, as the product is an aseptic product manufactured using the latest BPS equipment, the company said it expects the treatment would become a viable choice for patients with dry eye syndrome.

Huonland plans to establish a stable position in the artificial tears market by launching the product and expanding its sales in a short period by cooperating with a global eyewear company that has a nationwide sales chain in China, and a local sales agent.

"We expect to expand into the Chinese market faster than other regions and our competitors, thanks to our partnership with Beijing Northland that is recognized as a company that supplies quality and stable products in China," Huonland CEO Kim Sung-il said.