Tae-hyung Kim, Gounee Yang

Global Economic News

AS the Chinese beauty and aesthetic markets have rapidly grown, South Korean pharmaceutical and bio companies are racing to enter the China market.

According to industry officials Wednesday, roughly 20 companies are selling about 30 products in the Chinese dermal filler market.

Among them, about 10 South Korean companies have either entered or are planning to enter the Chinese market with their filler products.

LG Chem, Hugel, Humedix, Daewoong Pharmaceutical, SIGBio, and Dongbang Medical have obtained the product approval from China’s National Medical Products Administration, and Cha Meditech, Bio Plus, SCL, and RFBio have also applied.

These companies are planing to secure share in the Chinese market with localized marketing strategies.

There are also many South Korean companies preparing to enter the Chinese market, aiming to vie for a share of the market.