Dongbang Medical Co., Ltd. (CEO Geun-sik Kim) , a company specializing in oriental medicine and cosmetic medical devices, announced on the 25th that it has signed an exclusive supply agreement for its HA (hyaluronic acid) filler product 'Elasty' in India with GHC International Medical Equipment Trading LLC (hereinafter GHC International), an Indian medical device distribution company.
This contract, worth approximately $9 million (approximately KRW 12 billion) over three years and with an automatic extension, grants GHC International exclusive rights to import, market, distribute, and sell Elasti HA fillers in India during the contract term. GHC will lead the regulatory approval process with the CDSCO (Center for Drugs and Cosmetics Control) of India and will promote the product and establish a local distribution network at its own expense.
Dongbang Medical plans to provide electronic educational materials and marketing content used in the Korean market to help local medical professionals in India use its products more effectively.
According to the terms of the contract, GHC must purchase a minimum quantity of units over the initial two-year period, with the contract automatically renewing for one year unless a separate termination notice is given two months prior to expiration. Future purchases are expected to increase based on market response.
Through this agreement, Dongbang Medical has secured a foothold in the Indian market, one of the world's top five aesthetic and medical markets. According to global market research firms, the HA filler market is growing at an average annual rate of 6.2%, while the overall aesthetic and medical market is growing at an average annual rate of 14%.
A company official stated, “This exclusive contract is a strategic achievement for expanding Elasti Filler’s overseas market,” and added, “We will continue to expand our global partnerships in the future to enhance brand awareness and export competitiveness.”
A GHC International official also stated, “Through our collaboration with Dongbang Medical, we have the opportunity to meet the demand for high-quality fillers in the Indian market,” and added, “We will pursue stable market entry by completing local licensing procedures and expanding our distribution base.”
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