Hugel adds traction to aesthetic foray into China with filler approval

Hugel, Inc., a Korean aesthetics and therapeutics developer, is set to increase its presence in China’s aesthetics market with a regulatory nod for its filler product following its advance into the local botulinum toxin market.

The company said on Tuesday it has received marketing approval of its hyaluronic acid filler ‘The Chaeum’ from China’s National Medical Products Administration (NMPA), becoming the first Korean company eligible to sell both botox and filler treatments across China.

Hugel received the greenlight to sell its botox product ‘Botulax’ in the Chinese market in October 2020 and began marketing in February last year.

Aesthetic botox and filler injections are mainly used to treat facial wrinkles to reverse the signs of aging temporarily.

With the latest approval, Hugel is preparing to launch its filler brand in the third quarter of this year in China, where about 20 companies are competing with more than 30 brands. Hugel said its Chinese partner Sihuan Pharmaceutical will be responsible for the distribution and marketing of its filler product.

The aesthetic fillers market in China is estimated to grow from 4.9 billion yuan ($770 million) in 2020 to 10 billion yuan in 2023.

Shares of Hugel were trading 2.94 percent higher at 122,500 won ($99.2) Tuesday.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]